interview $$$

[dsherida]

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Anybody know if I can claim all the $$$ I have spent on flights and hotels for residency interviews on my taxes as a "business expense". Should be about $2500-3000 by the end. Thanks!

 

[southerndoc]

No. You can only claim deductions for interview expenses if you are changing jobs. If you are an attending looking at another job, then you qualify. If you are a student, you cannot deduct residency interview expenses since you are not looking for another job. Likewise, residency is considered training and you cannot deduct expenses while looking for attending jobs.

 

[mx_599]

No. You can only claim deductions for interview expenses if you are changing jobs. If you are an attending looking at another job, then you qualify. If you are a student, you cannot deduct residency interview expenses since you are not looking for another job. Likewise, residency is considered training and you cannot deduct expenses while looking for attending jobs.

we are residents and my friend says you do not know what you are talking about. he was wondering if you had tried personally? how many years ago did you try? any reference to this info? he said IRS books made no reference to "training" or "changing jobs" specifically.

he said you can claim them.

so now i do not know what to do myself?

anyone else know for sure?

thanks

 

[elwademd]

first, let me say that it's always best to use a trusted tax professional. personally, i've used the same cpa for the past 3 years (even when i was a resident).


http://www.irs.gov/publications/p970/ch12.html#d0e11907

This chapter discusses work-related education expenses that you may be able to deduct as business expenses.
To claim such a deduction, you must:

• Be working,
• Itemize your deductions on Schedule A (Form 1040 or 1040NR) if you are an employee,
• File Schedule C (Form 1040), Schedule C-EZ (Form 1040), or Schedule F (Form 1040) if you are self-employed, and
• Have expenses for education that meet the requirements discussed under Qualifying Work-Related Education

when you are in medical school, you are not working... thus, you cannot claim work related education expenses.

we are residents and my friend says you do not know what you are talking about. he was wondering if you had tried personally? how many years ago did you try? any reference to this info? he said IRS books made no reference to "training" or "changing jobs" specifically.

he said you can claim them.

so now i do not know what to do myself?

anyone else know for sure?

thanks

going from residency to being an attending is a different animal.


http://www.irs.gov/pub/irs-pdf/p529.pdf

http://www.irs.gov/publications/p529/ar02.html

Job Search Expenses

You can deduct certain expenses you have in looking for a new job in your present occupation, even if you do not get a new job. You cannot deduct these expenses if:

· You are looking for a job in a new occupation
· There was a substantial break between the ending
· You are looking for a job for the first time.

most people have taken that last line to mean that going from residency to attending is "looking for a job for the first time".

so, if you decided to go beyond that and say that you do qualify, then you'd need to look at the section about deductions subject to the 2% limit.

say it cost you 5k to do "interviews" while in the last year of your residency... and you make 50 k/year.

2% of 50k is 1k
your allowable deduction would be the difference (above and beyond the 2%)... and the deduction would be 4k.

or something like that.

again, your best bet is to consult a tax professional, which i am not.

 

[mx_599]

thanks to both the above posters, this does help

 

[edmadison]

most people have taken that last line to mean that going from residency to attending is "looking for a job for the first time".

The OP asked about residency interviews which are clearly the first job in the profession of "physician" and not deductible.

Whether or not looking for jobs as an attending is a first job or not is a matter of dispute. I would strenuously argue that this is not a first job in a "new occupation" because you were working in the same occupation during residency, earning an income and paying taxes. In the absence of regs to the contrary, it would certainly be a "good faith" mistake.

Don't forget that irrespective of all this, your moving expenses would still be deductible (assuming the distance is great enough).

Ed

 

[southerndoc]

we are residents and my friend says you do not know what you are talking about.

That's a rather insulting remark. If your friend knows so much, then why are you on an internet discussion forum asking for advice, and then when somebody knowledgeable in taxes and finances gives you that advice, you insult me by saying I don't know what I'm talking about?

You can always claim any deduction you want. If you don't get audited, then you're in the clear. Get audited, and you'll likely have to pay a penalty, interest, and possibly go to jail. You can tweak the settings of TurboTax and make it deduct anything you want.

So don't ask me for advice and then insult me for the advice I've given you. I'm an independent contractor who is very up on tax situations. I haven't built my portfolio by just randomly doing things regarding taxes.

I'm guessing you should probably hire your friend as your tax advisor.

 

[mx_599]

That's a rather insulting remark. If your friend knows so much, then why are you on an internet discussion forum asking for advice, and then when somebody knowledgeable in taxes and finances gives you that advice, you insult me by saying I don't know what I'm talking about?

You can always claim any deduction you want. If you don't get audited, then you're in the clear. Get audited, and you'll likely have to pay a penalty, interest, and possibly go to jail. You can tweak the settings of TurboTax and make it deduct anything you want.

So don't ask me for advice and then insult me for the advice I've given you. I'm an independent contractor who is very up on tax situations. I haven't built my portfolio by just randomly doing things regarding taxes.

I'm guessing you should probably hire your friend as your tax advisor.

that's what i told him. i said just because it is an anonymous forum does not mean people do not know their stuff. i have learned tons about my hobbies from forums.

what if someone was paying to finish an old masters degree while in residency, anyone know if you can claim any type of school activity while working full time?

thanks

 

[elwademd]

what if someone was paying to finish an old masters degree while in residency, anyone know if you can claim any type of school activity while working full time?

thanks

failure to read information already posted in this thread:

http://www.irs.gov/publications/p970/ch12.html#d0e11907

Quote:
This chapter discusses work-related education expenses that you may be able to deduct as business expenses.
To claim such a deduction, you must:

• Be working,
• Itemize your deductions on Schedule A (Form 1040 or 1040NR) if you are an employee,
• File Schedule C (Form 1040), Schedule C-EZ (Form 1040), or Schedule F (Form 1040) if you are self-employed, and
• Have expenses for education that meet the requirements discussed under Qualifying Work-Related Education

 

[mx_599]

failure to read information already posted in this thread:

🙄 whatev dood 😀

it's not work related and I have not had a chance to read these links

but I will 👍