How/where to deduct real estate training fees on taxes?

Posted March 27, 2009 * Comments(4)
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.

Paper Shredding

4 Comments so far

  1. Sharon T on March 30th, 2009

    Brigantine real estate

    Take the schooling as a Lifetime Learning Credit.

  2. Helen, EA in PA on March 30th, 2009

    Santa Monica homes for sale

    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

  3. Judy on April 1st, 2009

    Vancouver WA Real Estate

    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.

  4. Jss on April 2nd, 2009

    Boston homes for sale

    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.