Applying and the Taxman

[Mr. Freeze]

Can I write off things like MCAT fees, secondary fees, airfare, gas, parking, hotel, food while out-of-town to interview, and so on?

I know you can write off things related to job searching; has anyone had experience with writing off pre-med expenses?

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[humuhumu]

Can I write off things like MCAT fees, secondary fees, airfare, gas, parking, hotel, food while out-of-town to interview, and so on?

I know you can write off things related to job searching; has anyone had experience with writing off pre-med expenses?

The last time this question came up, the consensus was "no" to all of the above. Applying to med school is not equivalent to a job search as far as the IRS is concerned.

 

[Law2Doc]

The last time this question came up, the consensus was "no" to all of the above. Applying to med school is not equivalent to a job search as far as the IRS is concerned.

Not only that, but while in some areas it might be possible to get a deduction for travel expenses, tests and courses which relate to your current job (or some promotion or enhancement within the same specific field), the tax regs are clear that you can't generally deduct expenses required in order to enter a new vocation, which medicine will be for virtually all med school applicants.

 

[CuddlyKumquat]

Not only that, but while in some areas it might be possible to get a deduction for travel expenses, tests and courses which relate to your current job (or some promotion or enhancement within the same specific field), the tax regs are clear that you can't generally deduct expenses required in order to enter a new vocation, which medicine will be for virtually all med school applicants.

Anyone else feel this is sorely unfair?

Oh, that and the fact I have to pay interest on educational loans.

 

[gdbaby]

Anyone else feel this is sorely unfair?

Oh, that and the fact I have to pay interest on educational loans.

Yes, but at least the educational loan interest is tax deductible! Once you start paying back, that is.

 

[jbone]

Anyone else feel this is sorely unfair?

Oh, that and the fact I have to pay interest on educational loans.

Hell ya!!

 

[C.P. Jones]

Yes, but at least the educational loan interest is tax deductible! Once you start paying back, that is.

really?! wow, i have a lot to learn now that i'm part of "The Real World: pre-med"

 

[BaylorGuy]

Yes, but at least the educational loan interest is tax deductible! Once you start paying back, that is.

Wait a second....so the paying back of the interest on an educational loan is tax deductible?? what about the paying back of the actual educational loan??

I hate the Taxman....grrrr

 

[Mr. Freeze]

Law2Doc, you mean a general inability to deduct things related to becoming qualified to enter a new profession? Because I've deducted things related to finding a new job that I already had the requisite training for, just in a different city. But I was able to write off the mileage to get there, hotel fees, and meals while I was there. There may have even been a testing fee?

How's the saying go, be thankful you don't get the amount of government you pay for...something like that.

 

[Law2Doc]

Law2Doc, you mean a general inability to deduct things related to becoming qualified to enter a new profession? Because I've deducted things related to finding a new job that I already had the requisite training for, just in a different city. But I was able to write off the mileage to get there, hotel fees, and meals while I was there. There may have even been a testing fee?

How's the saying go, be thankful you don't get the amount of government you pay for...something like that.

Were you changing jobs within the same profession/industry? If so, that's likely deductable. So too if you get additional training or incur costs related to an existing job, you could deduct that. Not sure if you can deduct job search costs and expenses if you are coming out of school having not yet worked, but you certainly wouldn't be able to deduct the education portion of it, or any training/education related application costs. But to embark on a new career, or apply to a professional school, the costs are totally not deductible (and no -- working in "healthcare" does not count as the same industry as any premed job such that med school related stuff would be deductible - physicians are deemed an industry unto themselves).

 

[Mr. Freeze]

Yeah, same profession, new locale...

I was just looking for ways to recoup some of the costs in this journey; this was the first thing that came to mind.

Thanks...

 

[aamartin81]

Though I am no CPA, I am almost positive all expenses related to medical school applications are tax deductible up to a maximu credit (~20%, I think) of $4000 (or $20,000 of expenses). If you are interested, this excerpt is taken from the IRS web site under qualified educational expenses:

Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.

Secondary applications and interviews are required as a part of enrollment in medical school. I would talk to someone who works in taxation professionally, rather than pre-med students.

Good luck,

Adam

 

[rocketman]

Though I am no CPA, I am almost positive all expenses related to medical school applications are tax deductible up to a maximu credit (~20%, I think) of $4000 (or $20,000 of expenses). If you are interested, this excerpt is taken from the IRS web site under qualified educational expenses:

Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.

Secondary applications and interviews are required as a part of enrollment in medical school. I would talk to someone who works in taxation professionally, rather than pre-med students.

Good luck,

Adam

I am also not a CPA, but I don't think that is correct.

Deduction for Higher Education Expenses