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Question

Can I deduct personal loan payments and/ interest for CDL school as an independent contractor?

Forum|Forum|4 years ago
February 1, 2022
1 reply
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TurboTax Live Self Employed

Employee

Probably not. The self employed are allowed a business deduction for education. Educational expenses to improve your current job skills are deductible. But learning a new job is not.

A commercial Drivers License (CDL) is usually considered a new skill.

If the courses were taken at a recognized college or vocational school (educational institutions eligible to participate in the student aid programs administered by the Department of Education), you can take the Lifetime Learning Credit (but not the American Opportunity credits)