Taxes

[KOM]

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Anybody know if you can itemize and deduct all these fees we've paid for our dental school applications...AADSAS, interviews (plane tickets), etc?

My father said I could, but I called the IRS Teletax service and from what I gathered, you can only write-off those fees if they're related to your current employment.

Any input?

 

[tooth decay]

Though I am not a tax expert, I do not believe you can deduct dental school application expenses if you did not have a prior dental related job. What I am not sure is whether or not you can deduct the expenses if say you are a dental hygenist, etc. who is trying to become a dentist. However, the con against that is that you are actually changing occupations, and not actually advancing yourself in the field of dental hygeine for example.

 

[Mairzydotes]

This raises another good question. If you come out of Dental school with loans, are the payments deductible in whole or part as a business expense?

 

[tinman831]

I was told by the guy who did my taxes that application fees could be deducted but you are limited to a maximum amount of education related deductions you could make in your lifetime.

 

[tooth decay]

I am pretty sure you cannot deduct student loans even if it is for your profession. However, if you took out dentistry related education or business loans at the time you are a dentist, I think you can deduct them.

 

[HOTTY]

I don't know of many students who have more deductions than the standard deduction.

For most people it wouldn't even matter. 👎