med school application tax deductions?

[Tbonez]

Anybody know to what extent if any, all these expenses in getting into med school are tax deductible (i.e. MCAT test fees, AACOMAS/AMCAS, interview expenses, supplemental fees, acceptance fees, tuition deposits, etc.)

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[XCanadianRagwee]

None.

Of course you can try and then hope the IRS doesn't come knocking

 

[Tbonez]

Are you sure none are deductible? After all, you can take lifetime learning credit for tuition, books, etc. Some of those expenses, such as the admissions fee are applicable to tuition, so at least those should count, shouldn't they?

 

[evescadeceus]

I'm pretty sure you have to be in the profession. Since you are applying to enter the profession, you have none of the tax-deductible benefits of someone who is in the profession.

Where I think it gets sticky is the residency application process, which can be extremely expensive. This is when you need the tax deductions. As a student who is not a licensed M.D./D.O., you don't qualify. But here its probably easier to do creative acct.

Just a guess. The relatives are all accts, so I get it by osmosis. It doesn't qualify me to offer true advice though.

 

[XCanadianRagwee]

Originally posted by Tbonez
Are you sure none are deductible? After all, you can take lifetime learning credit for tuition, books, etc. Some of those expenses, such as the admissions fee are applicable to tuition, so at least those should count, shouldn't they?

Dude I am dead serious, you cannot deduct it. Besides do you have enough in other deductions to make it worth it (as in more than the standard deduction)?

 

[Tbonez]

Ok, but nobody is really answering my question. It most certainly IS legitimate to deduct the admissions fee, as that is part of tuition, which IS deductible as a lifetime learning credit. My question was is anything ELSE itemizable as being directly related to school expenses. BTW, yes I do itemize. I am married, have two kids, a mortgage, unreimb. emp. exp., etc. Not everybody is a teenybopper outta mom and dads house.

 

[XCanadianRagwee]

Originally posted by Tbonez
Not everybody is a teenybopper outta mom and dads house.

Cool that makes two of us.

And for the third time the answer is nothing else! ( I would have done the same as you the past three years, but you can't). Sorry, if you don't like it call or write your Congressional Representatives to enact change.

but for the last time nothing can be deducted!

Thank you.

🙄

 

[raptor5]

But when residency comes around you can write off traveling expenses to go to interviews. I think this goes off the same premise of writing off expenses for job interviews. You just have to take the job if it is offered to you. Done it before. Accountant said it was alright. But then again he is not an accountant anymore. Damn IRS.

Do not take anyones advice. See an accountant. Someone that you can shift the blame to. No this does not mean tax software. Hundreds of people try to blame it on tax software every year and that does not work so ask an accountant. Call around and let me know. I would like to save all the money I can.

 

[docslytherin]

I talked to an accountant last year about deducting my expenses and was told that absolutely none of them were deductible. They don't qualify for the Lifetime Learning credit because they aren't actually required educational expenses... It's sort of the same idea as career changing expenses not being deductible.

Sorry...

 

[Tbonez]

Originally posted by XCanadianRagwee

And for the third time the answer is nothing else!

Actually, you never said Nothing Else, you just kept saying None were deductible.

 

[XCanadianRagwee]

Originally posted by Tbonez
Actually, you never said Nothing Else, you just kept saying None were deductible.

Wow! They taught you how to count at your school. I'm so proud of you.