Taxes what can i claim???

belizepilot

Well-Known Member
I have just completed the ACCP program @ ATP, just wondering if I can claim any of the cash that I paid out of my pocket for the program on my income tax?, I know that I can claim the interest paid on my student loans but wasn't sure about the cash paid out of my pocket,
 
I have just completed the ACCP program @ ATP, just wondering if I can claim any of the cash that I paid out of my pocket for the program on my income tax?, I know that I can claim the interest paid on my student loans but wasn't sure about the cash paid out of my pocket,

Wait....did you take loans out to attend ATP?

That interest is not deductible. Generally, ATP's ACPP program is not deductible at all unless there was a mitigating circumstance, like your employer made you go to ATP as a condition of your job and made you pay for it. Then you have some latitude, but I don't know how much.

Student loan interest to accredited institutions is usually tax-deductible.
 
I deducted the cost of my CFII and MEI add-ons. My accountant said this was fine, but I did work as a CFI, even if for a week, before getting the additional ratings.
 
You CANNOT deduct the interest on your loans for ATP. You may call them "student loans" but the IRS calls them personal loans.
 
I would say it has to depend on where you got the loan from. I got my loan through Wachovia and they have it under a student loan program. Every year I get a form that list the interest I paid to put on my taxes and every year I claim my loan with no problem.
 
Bcause you got away with it does not mean it was actually legal though. I know alot of things people do on their taxes that technically is not right. It is all fine and dandy until an audit comes along...

Anyway...reading the literature on exactly what a qualified educationl institution is would lead me to believe ATP IS NOT:

Eligible educational institution. An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions.
Certain educational institutions located outside the United States also participate in the U.S. Department of Education's Federal Student Aid (FSA) programs.
For purposes of the student loan interest deduction, an eligible educational institution also includes an institution conducting an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training.
An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility.
The educational institution should be able to tell you if it is an eligible educational institution.
Adjustments to qualified education expenses. You must reduce your qualified education expenses by certain tax-free items (such as the tax-free part of scholarships and fellowships). See chapter 4 of Publication 970 for details.
 
Well Wachovia used to offer their loans for ATP under a student loan. Don't think they do anymore. I think it is only private loans through them now but I am not sure. Every year I am supplied from Wachovia a IRS 1098-E form showing the interest I paid through the year on my loans just for my taxes.
 
As loadmaster points out, the only way to deduct anything related to schools/education, other than if you have the 1098E, is if you go to a Dept. of Education approved Title 4 school which ATP is NOT.
 
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