Startup Costs-Realtor

Forum|Forum|6 years ago
July 11, 2020
2 replies
31 views

Is real estate school (required education) deductible as "training" startup costs? Seems logical because in order to be a real estate agent, training is required. However, I couldn't find any specific comments on that topic. Would appreciate any advice. Thanks!

Bsch4477

Level 15

If your school is accredited for Lifetime Learning Credit you could claim that. Your school can tell you if that’s the case.

sbrodkeyAuthor

Level 2

Thanks. Our joint income does not allow us to take the deduction for education, so wondering if this can be viewed as training. I mean, it is BUT wondering if it is for tax purposes? Thanks.

Bsch4477

Level 15

No. That course is not deductible.

AmeliesUncle

Level 15

No.

To be deductible, your expenses must be for education that (1) maintains or improves skills needed in your present work or (2) a law requires to keep your present salary, status or job. However, even if the education meets either of these tests, the education can't be part of a program that will qualify you for a new trade or business or that you need to meet the minimal educational requirements of your present trade or business.

https://www.irs.gov/taxtopics/tc513