Tax Write-offs

[indynicm]

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Does anyone have any idea if school application/interview expenses are tax deductible? I've heard that they are and that they aren't. Anybody looked into this?

Thank you!

 

[subdoc]

Does anyone have any idea if school application/interview expenses are tax deductible? I've heard that they are and that they aren't. Anybody looked into this?

Thank you!

I would say they qualify under educational expenses. Check with a CPA. Also, educational tax credits are only valid if they are above a certain percentage of your AGI. Can't remember what the percentage is...something like 2 or 3 percent ring a bell, but it has been several years since this applied to me.

 

[sfrice80]

Excellent question! I'm hoping someone can answer more definitively

 

[edmadison]

Excellent question! I'm hoping someone can answer more definitively

Absolutely 100% not deductible. Many discussions of this previously.

Also, regarding subdoc's post, there are several ways that school costs can be deducted and most are NOT subject to the 2% flood on deductions. Do a search on this one, too. There are numerous threads on this.

Ed

 

[sfrice80]

I recently checked with a tax accountant that I know personally and he told me you cannot deduct interview costs. Bummer!

 

[torque]

I recently checked with a tax accountant that I know personally and he told me you cannot deduct interview costs. Bummer!

What about the application fees? Can they be deducted? Thanks.

 

[CarpeDium]

Does anyone have any idea if school application/interview expenses are tax deductible? I've heard that they are and that they aren't. Anybody looked into this?

Thank you!

LOL This will be your eternal question for nearly every thing as a dentist!

 

[NonTradHopeful]

LOL This will be your eternal question for nearly every thing as a dentist!

While these expenses are mostly likely not deductible, your tuition, however, certainly is. There is something known as the tuition and fees deduction as well as the hope lifetime learning credit. Look up each of these and see which one you qualify for (most likely the tuition and fees deduction). School send out a form 1098-T that shows all qualified tuition you paid which you can deduct. However, it has a max deduction amount of $4000.

If you do your taxes in TurboTax, it'll easily make this deduction for you...simple as abc...

 

[toothless rufus]

If you live entirely off loans with no income, can you get any money back?

 

[Aceofspades]

If you live entirely off loans with no income, can you get any money back?

Tax credit vs tax deduction