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Tax deuctions - Test expenses and prep?
Posted: Fri Feb 12, 2010 12:44 pm
by GordonBombay
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!
Re: Tax deuctions - Test expenses and prep?
Posted: Fri Feb 12, 2010 12:59 pm
by allison34363
I doubt it.
Re: Tax deuctions - Test expenses and prep?
Posted: Fri Feb 12, 2010 1:02 pm
by tikitavi
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.
Re: Tax deuctions - Test expenses and prep?
Posted: Fri Feb 12, 2010 1:19 pm
by azlawlady
I'm not an accountant, but its been asked before, and the answer is no.
Re: Tax deuctions - Test expenses and prep?
Posted: Fri Feb 12, 2010 1:23 pm
by GordonBombay
Ok, thanks a lot guys. Just figured it was worth looking into.
Re: Tax deuctions - Test expenses and prep?
Posted: Fri Feb 12, 2010 8:45 pm
by swords
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 ...
Re: Tax deuctions - Test expenses and prep?
Posted: Fri Feb 12, 2010 8:49 pm
by luckyjd

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

Re: Tax deuctions - Test expenses and prep?
Posted: Fri Feb 12, 2010 8:51 pm
by bees
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.