Schedule E Help
How can I expense professional books and educational materials used to improve my knowledge about business, landlording, and general finance?
Do I use the "Supplies" line? It seems to be overused already...
How can I expense professional books and educational materials used to improve my knowledge about business, landlording, and general finance?
Do I use the "Supplies" line? It seems to be overused already...
Do you have a business entity, such as an S-corp?
How did you pay for the courses, business checking account or personal checking account?
The IRS issued a ruling last year that excludes a business deduction if the training materials were NOT paid for from your business account. Technically, paying with a personal credit card disqualifies this as a business expense.
If you meet the requirements for a business expense, claim it as a "Miscellaneous" expense on your Schedule E (line 17 or 18).