Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: Wannabee1 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121598  
Subject: Wife's short-lived real estate career Date: 3/14/2000 11:20 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
My wife has had a full-time job in accounting for many years. In 1999 she decided to take real-estate classes and get her license (which she did). She signed up with an agency, had a couple of open houses, then decided to transfer her license to the state holding agency since she wasn't quite ready to jump in. She is still paying fees and taking additional training to keep this certification and is still working in accounting full time to this day.

My question is, can we deduct her expenses for real estate training and business costs associated with this endeavor even though she is in hiatus? And, what IRS form(s)are required?
Print the post Back To Top
Author: hghcpa Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32101 of 121598
Subject: Re: Wife's short-lived real estate career Date: 3/19/2000 8:21 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
My wife has had a full-time job in accounting for many years. In 1999 she decided to take real-estate classes and get her license (which she did). She signed up with an agency, had a couple of open houses, then decided to transfer her license to the state holding agency since she wasn't quite ready to jump in. She is still paying fees and taking additional training to keep this certification and is still working in accounting full time to this day.

My question is, can we deduct her expenses for real estate training and business costs associated with this endeavor even though she is in hiatus? And, what IRS form(s)are required?
=========

The courses taken in order to meet the minimum requirements for a new trade or profession would not be deductible.

Once the requirements are met and she was licensed then her costs associated with the open houses, etc would be deductible on schedule C.


Pete



Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement