This is a question that you should contact your CPA for. Hopefully some of the CPAs here on BP can chime in.
However, I think it would not be feasible to write this off. Unless you are a licensed real estate agent or you have an LLC.
With an LLC it would considered a business expense, as a real estate agent it would considered training to improve your craft.
If its neither then its just considered self-improvement and I don't think Uncle Sam lets you write off self-improvement.
I could be wrong. Hopefully the experts chime in 3, 2......1.
Originally posted by @Amari Walton :
So, last year I purchased a course/package from Elite Legacy Education. It’s tax time and I wanted to know does anyone know if there’s an advantage to receive a greater return. You know receive at least some of what I spent. I believe if you have an LLC, you can, although I do not yet. Would I still qualify when doing my taxes to receive some of those funds back without an LLC?
Did you purchase any property last year Amari?
I did not
I think Ashish is hinting that in order to claim these expenses on your taxes, you have to show that you are actively working in that field of business. By purchasing a piece of real estate, this will show that you are actively involved in real estate investing. But I am not a CPA so get this info checked out. I'm merely relaying the impression I have been given about writing off education expenses.
I was able to deduct practically everything and it did help my return out. I had signed up with Elite in November and didn't even have an LLC yet. My CPA was able to help me a bit, but my Elite Instructor in the 3 day course gave us some guidelines on how to deduct.
They fell into different categories of education, software, mentoring, and a couple of other things that I can't remember.
You can ask your CPA to look at your receipt and see how things can be broken down so you can deduct all of it.
Hope that helps!
Oh wow, thank you! I already completed my taxes you think I can still give it a try. I did them myself through TurboTax because I was doubtful.
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