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Anyone know TAX Deduction for Bschool Apps

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Anyone know TAX Deduction for Bschool Apps [#permalink] New post 21 Jan 2010, 13:42
Does anyone know if you can claim deductions for Bschool App fees?
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Re: Anyone know TAX Deduction for Bschool Apps [#permalink] New post 21 Jan 2010, 13:45
GoBruins wrote:
Does anyone know if you can claim deductions for Bschool App fees?


Great question. I have no idea.
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Re: Anyone know TAX Deduction for Bschool Apps [#permalink] New post 21 Jan 2010, 13:51
bigdre wrote:
GoBruins wrote:
Does anyone know if you can claim deductions for Bschool App fees?


Great question. I have no idea.


Thanks! at least now just me!
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Re: Anyone know TAX Deduction for Bschool Apps [#permalink] New post 21 Jan 2010, 15:20
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i'm going to write off every school i get dinged from as a capital loss. :?
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Re: Anyone know TAX Deduction for Bschool Apps [#permalink] New post 21 Jan 2010, 15:57
Business school application expense = Personal Expense.

NOT DEDUCTIBLE.

PERIOD.

(And please don't reply to this post with various scenarios where you can argue it as business expense....it's not possible and it won't work with IRS)
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Re: Anyone know TAX Deduction for Bschool Apps [#permalink] New post 21 Jan 2010, 15:59
shadowsjc wrote:
i'm going to write off every school i get dinged from as a capital loss. :?


You can only write off capital loss against capital gains. But for your sake, I hope you are not even gonna attempt this...(I am 80% sure that you are joking) :-D
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Re: Anyone know TAX Deduction for Bschool Apps [#permalink] New post 21 Jan 2010, 16:28
Expert's post
What about if you took out money from your traditional IRA to pay for the deposit? I think that should count towards qualifying educational expense, so you don't have to pay the penalty charge.
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Re: Anyone know TAX Deduction for Bschool Apps [#permalink] New post 21 Jan 2010, 16:43
nink wrote:
shadowsjc wrote:
i'm going to write off every school i get dinged from as a capital loss. :?


You can only write off capital loss against capital gains. But for your sake, I hope you are not even gonna attempt this...(I am 80% sure that you are joking) :-D


that smiley was the closest thing i could find to this: http://www.telegraph.co.uk/technology/n ... usion.html
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Re: Anyone know TAX Deduction for Bschool Apps [#permalink] New post 21 Jan 2010, 18:53
asimov wrote:
What about if you took out money from your traditional IRA to pay for the deposit? I think that should count towards qualifying educational expense, so you don't have to pay the penalty charge.


The deposit you pay to secure a spot in class usually goes towards your first quarter/semester tuition, so to the extent you can deduct tuition (see our previous and extensive discussion on that) the deposit would count as part of that. I'm too lazy right now to look at the rules about IRA withdrawals so won't comment directly on that.

I 100% agree with nink that there's no conceivable way you could deduct the application fee and have it withstand a challenge by the feds. And let's face it, the $50 you save in taxes is just not worth the hassle of an audit.
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Re: Anyone know TAX Deduction for Bschool Apps   [#permalink] 21 Jan 2010, 18:53
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