I'm working on my private pilot's license, but am not in the airline industry. My intent is to progress the license to at least a commercial or CFI rating, so that if needed I could have a secondary source of income or minor fallback for job protection. Is the cost of obtaining this license and subsequent add-ons (i.e. instrument, multi, commercial, etc) allowable to be deducted from my taxes under the tuition deduction allowance?
2007-04-16 08:00:52 · 3 answers · asked by Fred_UD 2 in Business & Finance ➔ Taxes ➔ United States
No. The tuition deduction can't be used for training for a new occupation.
You have to be able to demostrate a direct need for your current employment or business. A travelling salesperson might be able to pull it off, but you won't.
2007-04-16 08:04:58 · answer #1 · answered by Vegan 7 · 1⤊ 0⤋
Yes you can take the deduction as either Hope or Life Time Learning Credit, especially if you recieved a 1098 from the training class you attended.
2007-04-16 15:09:11 · answer #2 · answered by njoy1boi 2 · 0⤊ 0⤋
Tuition credits are for post secondary education only.
2007-04-16 15:44:52 · answer #3 · answered by momzadork 3 · 0⤊ 0⤋