Question by DJP: How/where to deduct real estate training fees on taxes?
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.
Best answer:
Answer by Sharon T
Take the schooling as a Lifetime Learning Credit.
Know better? Leave your own answer in the comments!
Posted by admin under Real Estate Discussion
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
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.
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.
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