Writing Off LSAT Prep Expenses

LSATclincher
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Writing Off LSAT Prep Expenses

Postby LSATclincher » Sun Feb 27, 2011 8:02 pm

Be advised you can write-off LSAT expenses per the Educational tax credit. You can deduct up to $2500. You can also deduct student loan interest, which is included in the $2500 max level.

I believe 2010 is the last year this credit is still applicable (I guess it could get extended). But I could be wrong. If it still lasts through 2011, make sure you are keeping a tally with receipts of all LSAT expenses in 2011.

CanadianWolf
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Re: Writing Off LSAT Prep Expenses

Postby CanadianWolf » Sun Feb 27, 2011 9:17 pm

Isn't the maximum deduction $4,000 ?

I thought that the maximum annual tax credit is $2,500.

Need $4,000 of qualifying expenses to get the maximum tax credit of $2,500.

The first $2,000 of qualifying expenses receives a 100% tax credit & 25% of the next $2,000 of qualifying expenses for single taxpayers earning $80,000 or less or those filing jointly earning $160,000 or less.

P.S. I would like to see a citation of authority that LSAT prep expenses qualify. They do not qualify after one has a four year college degree to the best of my understanding.

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Aro5389
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Re: Writing Off LSAT Prep Expenses

Postby Aro5389 » Mon Feb 28, 2011 12:09 am

This is interesting. Tagged for future info.

tomwatts
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Re: Writing Off LSAT Prep Expenses

Postby tomwatts » Mon Feb 28, 2011 1:53 am

I think the OP is flat-out wrong, but I'm not a tax attorney, so I don't really know.

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suspicious android
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Re: Writing Off LSAT Prep Expenses

Postby suspicious android » Mon Feb 28, 2011 3:12 am

tomwatts wrote:I think the OP is flat-out wrong, but I'm not a tax attorney, so I don't really know.


This is also my understanding. It's not tuition and its purpose is to allow a person to enter a new profession, so it's not a work expense.

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Jeffort
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Re: Writing Off LSAT Prep Expenses

Postby Jeffort » Mon Feb 28, 2011 5:26 am

Great :? , a 0L starting a thread to give legal/tax advice about expenses to prep for the LSAT in order to get into law school. Something about this seems to be reversed. Image




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