Writing Off LSAT Prep Expenses Forum

[LSATclincher]

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]

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.

[Aro5389]

This is interesting. Tagged for future info.

[tomwatts]

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

[suspicious android]

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.

[Jeffort]

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.