Tax deuctions - Test expenses and prep?

User avatar
GordonBombay
Posts: 229
Joined: Fri Jan 29, 2010 1:10 pm

Tax deuctions - Test expenses and prep?

Postby GordonBombay » Fri Feb 12, 2010 12:44 pm

Hi,

If anyone out there is an accountant, and I'm sure at least one is, I have a question. Is is possible to deduct Admissions test expenses from your taxes? What about Apps. I know there are a lot of credits and deductions regarding college education etc, but didn't know if you could do it until you enrolled.

On 2 LSATs, a site change, prep books, a hotel etc Id say Ive spent about $600.00

Apps are another story, but I think we all know how much those cost too.

Any input is appreciated. Thanks!

allison34363
Posts: 84
Joined: Sun Mar 08, 2009 7:30 pm

Re: Tax deuctions - Test expenses and prep?

Postby allison34363 » Fri Feb 12, 2010 12:59 pm

I doubt it.

tikitavi
Posts: 20
Joined: Tue Dec 30, 2008 12:55 pm

Re: Tax deuctions - Test expenses and prep?

Postby tikitavi » Fri Feb 12, 2010 1:02 pm

Doubtful. You are allowed to deduct educational expenses and tuition only if they are used to develop a skill you currently have or to further your current career. So for example, law school tuition is not tax deductible because you are developing the new skill of being a lawyer. But an LLM would be deductible - you already have your J.D. and an LLM merely develops the skill you already had.

azlawlady
Posts: 45
Joined: Mon Jan 05, 2009 5:24 pm

Re: Tax deuctions - Test expenses and prep?

Postby azlawlady » Fri Feb 12, 2010 1:19 pm

I'm not an accountant, but its been asked before, and the answer is no.

User avatar
GordonBombay
Posts: 229
Joined: Fri Jan 29, 2010 1:10 pm

Re: Tax deuctions - Test expenses and prep?

Postby GordonBombay » Fri Feb 12, 2010 1:23 pm

Ok, thanks a lot guys. Just figured it was worth looking into.

swords
Posts: 35
Joined: Sat Dec 05, 2009 4:09 pm

Re: Tax deuctions - Test expenses and prep?

Postby swords » Fri Feb 12, 2010 8:45 pm

Not to completely dismiss this, but I asked a CPA about this today after seeing topic here and she said that it CAN, if for instance you already work for law firm or where you can get a promotion with a law degree. Not if you can just get up and leave to go get a better job .. or something.

She said she'll look into it deeper and get back to me. I already work as a Patent Agent, therefore getting a law degree would help me get to Patent Attorney so it *might* qualify. Will get back to you on that ...

luckyjd
Posts: 239
Joined: Mon Jan 25, 2010 6:46 pm

Re: Tax deuctions - Test expenses and prep?

Postby luckyjd » Fri Feb 12, 2010 8:49 pm

:shock: law school tuition doesn't qualify for life time learning tax credit? :(

User avatar
bees
Posts: 310
Joined: Tue Oct 20, 2009 11:50 pm

Re: Tax deuctions - Test expenses and prep?

Postby bees » Fri Feb 12, 2010 8:51 pm

H&R Block claims that putting your couch out on your front lawn counts as a donation so I'm pretty sure they can find a way to deduct your law school related expenses for you.




Return to “LSAT Prep and Discussion Forum”

Who is online

Users browsing this forum: batlaw, BobBoblaw, chichi1992, dontsaywhatyoumean, Instrumental, judill, LobLaw_LawFirm, mrgstephe, MSNbot Media, Pozzo and 12 guests