I am a 27 yr. old student at an accredited helicopter flight school and I am wondering about the tax advantages(if there are any) involving any available deductions, ie. tution? fees? books? medical? equipment?etc. I am pursuing my certified flight instructor (CFI) and plan on working in the gulf. Any related info would be appreciated. Thanks.
2007-07-22 19:59:33 · 1 answers · asked by KT 1 in Business & Finance ➔ Taxes ➔ United States
Tuition and fees might be eligible for a lifetime learning credit. See http://www.irs.gov/pub/irs-pdf/p970.pdf for details, since there are several requirements to be able to take the credit.
Books, equipment and other expenses can only be included if you are required to purchase them from the school as a condition of enrolling in or attending the course - basically if they are included as part of your tuition and fees.
2007-07-23 03:34:57 · answer #1 · answered by Judy 7 · 0⤊ 0⤋