Flight training expenses can be deductible, but it’s complex and depends on several factors outlined by the IRS. Specifically, flight training must be primarily for business use to qualify for deduction under current tax law. The IRS has stated that if more than 50% of your flight training is used for business purposes, then the full amount may be deductible. However, if less than 50%, only the portion related to business activities will be eligible for deduction. Furthermore, taxpayers should consult with a qualified tax professional or refer to official IRS publications for personalized guidance regarding their specific circumstances concerning flight training deductions.
Continue reading at www.flyingmag.com
This PlaneNews briefing summarizes reporting originally published by www.flyingmag.com.
Read the original article →