Elite Legacy Education

[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?

[Brian Adzadi]

@Amari Walton

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.

[Ashish Acharya]

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?

[Amari Walton]

I did not

[Charlie Winter]

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.

[Pamela Mallory]

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!

[Amari Walton]

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.