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tax law

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gbhendrix

Guest
how to deduct educational expenses for real estate buying seminars/classes

What is the name of your state? maryland

during the 2002 tax yr., i bought into the russ whitney real estate buying program. it included videos, publications, computer software and 2 one week class sessions. initially, i was told that you can use the amount spent as an educational tax deduction. i can not seem to find out where or how to use it as a tax deduction. i paid over 10,000 dollars.
 
Last edited:


abezon

Senior Member
If you are currently a real estate professional (most of your (time &) income is from buying & selling & renting real estate), you file a schedule C or F and declare the course costs as startup costs. They are amortized over 5 years.
 
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Crock2

Guest
Education expenses may be tax deductable. There are different rules and requirements. Education expenses may be deductable on line 23 of form 1040, or you may be entitled to the Hope or Lifetime Education tax credit Line 48 form 1040. To see if you qualify for any of these credits you can go to:
http://www.irs.gov/

Under "Search Forms and Publications for:" type in Publication 970. You can then read all of the tax benefits for education and see if you qualify for any of them.
 

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