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Originally Posted by Duksrule  Just wondering if anyone has ever looked into this. I know you can write of tuition of going to college. I see getting all of your aviation ratings as similar to going for an advanced degree. |
You can write off interest paid on student loans if it's an accredited collegiate program, but you can't deduct the total amount of tuition.
If you use early distributions from an IRA to pay for college tuition, you do not have to take the 10% early withdrawal penalty. You still take a hit, but the blow is cushioned. I don't recommend touching the IRA, but some people do it this way.
I think - if you do it right, you can, theoretically, deduct your loan interest and pay it with the IRA without penalties. I'm not sure if this can be done. Depends on how you have to report it, I bet, but I'd consult a tax professional - a real CPA.
If you're a CFI (paid as a contractor) you can deduct your business expenses, which includes equipment, materials, and you can take depreciation on other things like computers. Things start getting a little more complicated there, though.