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AI Coursework - tax credit eligible?

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beaufl

Thread Starter
Freshman Member
Joined
Jun 12, 2007
Professional Status
Certified General Appraiser
State
Florida
Does anyone know if Appraisal Institute course work is eligible for either the Lifetime Learning Credit or Tuition and Fees Deduction on a federal income tax return? How would i find out if they are a qualified institution?

I already asked the local chapter and was told to talk to an accountant.

Thanks
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I do believe you were given very sound advice. I don't believe any tax advice you get from the folks here would be credible unless it was to repeat what the AI told you. That is of course unless the advice comes from a practicing CPA who is also an appraiser or if they stayed in a Holiday Inn Express last night.

The best answer, besides seek the advice of an accountant will be "IT DEPENDS".
 
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Montana
no

But yes, I did recently stay at a Holiday Inn Express.

The Appraisal Institute is not a post-secondary school.

This from the IRS

In general , an eligible educational institution is an accredited college, university, vocational school, or other post-secondary educational institution including accredited, public, nonprofit, and proprietary (private-owned, profit-making) postsecondary institutions. Additionally, in order to be an eligible educational institution, the school must be eligible to participate in a student aid program administered by the Department of Education. For more information, refer to Form 8863 (PDF), Education Credits (Hope and Lifetime Learning Credits), Publication 970, Tax Benefits for Education, or Tax Topic 605, Education Credit.

Perhaps consider a different direction.

If your appraisal practice is set up as a business, the courses are an educational expense.

But, see your accountant. He may have stayed at a Holiday Inn Express and knows how to appraise real property.
 
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