- Joined
- Jul 7, 2008
- Messages
- 48
- Reaction score
- 5
I'm at a 6 year program and had to pay 60k out of state tuition last year for M2 as an unmarried individual getting paid a partial PGY1 salary to go on service 2 months. The traditional 4,000 deduction did just fine.
I'm married now and have a dentist wife who is making a reasonable salary. I paid 30k tuition for M3. I'd really like to save some bones from uncle sam and deduct the full 30k instead of the capped 4k education expense. I'm fairly certain this will fly as a "business expense." Read the stuff below at the bottom.
Within my chosen line of work (oral and maxillofacial surgery), for which I receive a small salary as a PGY-2/M3, the M.D. does not constitute a "new career," but rather "maintains or improves skills by the individual in his employment" per paragraph 1. I already have a DDS which is all that I need to practice full scope oral and maxillofacial surgery, and am pursuing an M.D. to "improve my skills."
You think this would fly? I'm going to talk to an accountant obviously. If it does, then all of you 6 year guys with wives bringing home the bacon could save a few thousand bucks a year while you're in med school.
http://edocket.access.gpo.gov/cfr_2003/aprqtr/pdf/26cfr1.162-5.pdf
Read the stuff at the bottom.
1.1625 Expenses for education.
(a)
General rule. Expenditures made
by an individual for education (including
research undertaken as part of his
educational program) which are not expenditures
of a type described in paragraph
(b) (2) or (3) of this section are
deductible as ordinary and necessary
business expenses (even though the
education may lead to a degree) if the
education
(1) Maintains or improves skills required
by the individual in his employment
or other trade or business, or
(2) Meets the express requirements of
the individuals employer, or the requirements
of applicable law or regulations,
imposed as a condition to the retention
by the individual of an established
employment relationship, status,
or rate of compensation.
I'm married now and have a dentist wife who is making a reasonable salary. I paid 30k tuition for M3. I'd really like to save some bones from uncle sam and deduct the full 30k instead of the capped 4k education expense. I'm fairly certain this will fly as a "business expense." Read the stuff below at the bottom.
Within my chosen line of work (oral and maxillofacial surgery), for which I receive a small salary as a PGY-2/M3, the M.D. does not constitute a "new career," but rather "maintains or improves skills by the individual in his employment" per paragraph 1. I already have a DDS which is all that I need to practice full scope oral and maxillofacial surgery, and am pursuing an M.D. to "improve my skills."
You think this would fly? I'm going to talk to an accountant obviously. If it does, then all of you 6 year guys with wives bringing home the bacon could save a few thousand bucks a year while you're in med school.
http://edocket.access.gpo.gov/cfr_2003/aprqtr/pdf/26cfr1.162-5.pdf
Read the stuff at the bottom.
1.1625 Expenses for education.
(a)
General rule. Expenditures made
by an individual for education (including
research undertaken as part of his
educational program) which are not expenditures
of a type described in paragraph
(b) (2) or (3) of this section are
deductible as ordinary and necessary
business expenses (even though the
education may lead to a degree) if the
education
(1) Maintains or improves skills required
by the individual in his employment
or other trade or business, or
(2) Meets the express requirements of
the individuals employer, or the requirements
of applicable law or regulations,
imposed as a condition to the retention
by the individual of an established
employment relationship, status,
or rate of compensation.
