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.
Writing Off LSAT Prep Expenses Forum
-
CanadianWolf
- Posts: 11465
- Joined: Wed Mar 24, 2010 4:54 pm
Re: Writing Off LSAT Prep Expenses
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.
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.
-
Aro5389
- Posts: 85
- Joined: Sat Apr 11, 2009 2:35 am
Re: Writing Off LSAT Prep Expenses
This is interesting. Tagged for future info.
-
tomwatts
- Posts: 1710
- Joined: Wed Sep 16, 2009 12:01 am
Re: Writing Off LSAT Prep Expenses
I think the OP is flat-out wrong, but I'm not a tax attorney, so I don't really know.
-
suspicious android
- Posts: 919
- Joined: Tue Feb 09, 2010 4:54 pm
Re: Writing Off LSAT Prep Expenses
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.tomwatts wrote:I think the OP is flat-out wrong, but I'm not a tax attorney, so I don't really know.
-
Jeffort
- Posts: 1888
- Joined: Wed Jun 18, 2008 4:43 pm
Re: Writing Off LSAT Prep Expenses
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. 
, 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. 
