Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I took a real estate course for my real estate investing…

second opinion] I took a...
second opinion] I took a real estate course for my real estate investing business and was told the course was fully tax deductible towards the business. Is this true? Are there any prerequisites to being able to deduct the course against my LLC which I’ll use as a flow-thru entity?
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
3/7/2018
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
Verified

Hi. I know a lot of realtors and their taxes. Being a realtor, you are usually not an employee of the real estate business. If you are a business salesperson and not a corporation, you would fill out Schedule C, whereby you can deduct your training.

Ask Your Own Tax Question

If you are an one-person LLC, the amounts would go to a Schedule C. If you become an S-Corp, you fill out a 1065 return, which flows through to your 1040, without the Schedule C. If your S-Corp pays for the real estate courses, it should be deductible.

Ask Your Own Tax Question

Let me know if this helps and if you have any questions. Thank you.

ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
Verified
ABC Accounting Group and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 4 months ago
ABC, I am a one-person LLC and not a realtor. This helps out very much. I really appreciate your opinion on this. I will be sure to bring this up to my accountant. Thank you!
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask ABC Accounting Group Your Own Question
ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
889 Satisfied Customers
Experience: Business Consultant/Accounting Manager

ABC Accounting Group is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I need to file a tax form. Its a new LLC with no income, no
I need to file a tax form. Its a new LLC with no income, no business was generated. Is someone avaiable to help me with this now?… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
I took a real estate course for my real estate investing
I took a real estate course for my real estate investing business and was told the course was fully tax deductible towards the business. Is this true? Are there any prerequisites to being able to dedu… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
For a four member LLC, for the purpose of Real Estate
Second opinion] For a four member LLC, for the purpose of Real Estate purchase (a four=plex), one entity being a c-corporation, one being an s-corporation and two being a husband and wife sole proprie… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,444 satisfied customers
Question about real estate, LLCs, and taxes. I own a single
I own a single member Consulting LLC that generates profit. I am buying rental real estate with the profits. Is it possible to form a Real Estate LLC, that is owned by my Consulting LLC, and somehow shield the Consulting LLC profit from being exposed to taxes in my personal income tax? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,484 satisfied customers
Second opinion] Dear, can you help me choosing between
Second opinion] Dear *****, can you help me choosing between SCorpLLC, LLC, and S Corp. I want to export auto parts from the US and I work from abroad. My annual sales volume will be $120,000 and annu… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
I sold my real estate business in 2015 and recieved a lump
I sold my real estate business in 2015 and recieved a lump sump from the new owner. I had invested and have a loan to myself on my books and tax statement. Should I not be able to deduct the amount I … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
We have accumulated a carryover passive activity loss while
We have accumulated a carryover passive activity loss while owning the rental properties. Our income is over $150k and we are not real estate professionals so we kept rolling over the passive activity… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am a non-resident Canadian Citizen with Card living in the
I am a non-resident Canadian Citizen with Green Card living in the US. I do have a small business in Canada that I am not using anymore for invoicing but it does have investment accounts at a Canadian… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My wife owns a townhouse in her name only in St. Charles Illinois
My wife owns a townhouse in her name only in St. Charles Illinois which she currently rents out. While filing last years (2012) taxes we discovered we could no longer write off the property taxes due … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
What federal tax form does a single member llc whose single
What federal tax form does a single member llc whose single member is an llc file on. The single member llc owns real estate and has income and expenses.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A limited liability company engaged in the busines of owning
A limited liability company engaged in the busines of owning and renting one commercial building defaults on its mortgage on the building.The lender agrees to a short sale of the building, and issues … read more
socrateaser
socrateaser
1,031 satisfied customers
I have a sub s corporation. If I purchase and sell real estate
I have a sub s corporation. If I purchase and sell real estate thru the sub s corporation does the corporation have to pay a capital gain or is it passed thru to the share holders?… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Question about how self-directed IRA works. Suppose I have
Question about how self-directed IRA works. Suppose I have $50k in my traditional IRA, i roll it over to a self-directed IRA. I set up an LLC and puts $10k into it. Then I instruct the custodian to in… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
John -- Thanks for your help. Can I ask you another question I
John -- Thanks for your help. Can I ask you another question: I purchased a piece of property in New York City in early 2008 through a single-member LLC (i.e., an LLC 100% owned by me). I bought the p… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I am a non resident alien and am intending to buy a property
I am a non resident alien and am intending to buy a property or properties for investment purposes.. they should be rented out either short term or long term... I wish to put them into individual LLCs… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
Re Charging my S. Corp./small business rent, treatment of
Re: Charging my S. Corp./small business rent, treatment of rental income, 1.) In what situations can I rent property that I either own personally or own in a LLC to my business...AND get real estate l… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
This individual set up an s-corporation and purchased a ...
This individual set up an s-corporation and purchased a piece of property for 100k. The property became worth 600k and now the individual is looking to sell. Generally, real estate goes into an LLC. B… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
I purchased an investment property in my name, then ...
I purchased an investment property in my name, then quitclaimed the deed to include my name & my LLC ( a real estate holdings LLC). When I sold the property, the check was payable to myself and the LL… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x