How/where to deduct real estate training fees on taxes?
DJP asked:
I plan on getting a real estate license for the education and qualification when managing my private real estate investment career.
Where/how do I deduct these costs on my taxes? Eventually I’ll set up a real estate company where I could deduct them, but that won’t be set up for a while.
Thanks.
Take the schooling as a Lifetime Learning Credit.
Comment by Sharon T — May 26, 2009 @ 8:44 pm
If the education qualifies, you may be able to use an education credit. But if you are taking these classes from a non-accredited source (such as a local RE agency), you have NO deduction at all.
Helen, EA in PA
Comment by Helen, EA in PA — May 28, 2009 @ 12:13 pm
You probably don’t. Most such courses wouldn’t meet the requirements for a Lifetime Learning credit. And it isn’t a business expense since you aren’t already in the business.
Comment by Judy — May 30, 2009 @ 8:51 pm
The training fees to learn a new trade or profession are not deductible.
When you have a real estate business and you need further training to improve your skills, then the training expenses are deductible as business expenses.
Comment by Jss — June 1, 2009 @ 12:46 pm