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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?
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Answered in 1 hour by:
3/7/2018
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
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.

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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.

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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: 867
Experience: Business Consultant/Accounting Manager
Verified
ABC Accounting Group and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month 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!
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ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
867 Satisfied Customers
Experience: Business Consultant/Accounting Manager

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