Possible for the FOI/FIA to be tax deductible?

Whatusername

Whatusername

Well THIS is awkward!
Dumb question here. But is it possible for these to be tax deductible for my 2014 taxes (I plan on taking them this year)?

Now that I think about it I heard years ago that flight training past CPL was tax deductible. Any validity to this as well?
 
Whatusername said:
Dumb question here. But is it possible for these to be tax deductible for my 2014 taxes (I plan on taking them this year)?

Now that I think about it I heard years ago that flight training past CPL was tax deductible. Any validity to this as well?
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No, not FOI/FIA. (New type of business, the exact case has already been ruled on by the IRS)
However in theory you may be able to deduct your CFII/FII/MEI costs once you're a CFI.

It's possible that CMEL could be deductible as well, after your CSEL... or vice versa. But IANAA, and a proper answer to that will require someone with more than just a cursory knowledge of particular case law.

-Fox
 
Acrofox said:
No, not FOI/FIA. (New type of business, the exact case has already been ruled on by the IRS)
However in theory you may be able to deduct your CFII/FII/MEI costs once you're a CFI.

It's possible that CMEL could be deductible as well, after your CSEL... or vice versa. But IANAA, and a proper answer to that will require someone with more than just a cursory knowledge of particular case law.

-Fox
Click to expand...

So perhaps I should consult an accountant? Or if I had the cash laying around a tax lawyer.
 
Cessnaflyer said:
I saw that American Flyers was advertising their FIRC as tax deductible.
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And it would be, as it's a required expense of being a CFI. You CAN deduct educational expenses as long as they don't lead to a new type of business (I'm paraphrasing here, because I'm too lazy to look up the exact phrasing and I expect someone will chime in, or people will go STFW). You can deduct just about anything that's a normal, required cost of doing business, but you -can't- deduct training to a substantially different type of business, which the IRS has held commercial pilot and CFI as being. AOPA has references for this, iirc; might be good to search their website, or even call their member line. (for @Whatusername )

-Fox
 
I'll try to take a look on Monday. I have to get my place ready for some game against the Broncos and Seahawks ;).
 
Sorry about the late follow up on this guys. The Toyota. Decided to blow a rear tire and I've been busy getting a replacement.

Also do I have to be a AOPA member to use their hotline?
 
If it qualifies you for a new line of work, then no you cannot. However if it is training required for you to keep your job, then yes you can.
 
As others said you can deduct things if they're to increase your current job's potential (CFII or MEI on top of your existing CFI) or as an expense to maintain your job (currency, FIRC's). If you don't have your CFI, you can't deduct the training to get it.
 
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