Find all School-related info fast with the new School-Specific MBA Forum

It is currently 27 Aug 2015, 13:29
GMAT Club Tests

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Anyone know TAX Deduction for Bschool Apps

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Current Student
User avatar
Joined: 05 Aug 2008
Posts: 1262
Schools: Ross 2012
WE 1: 5 Years at Fortune 50 Company in Manufacturing
Followers: 17

Kudos [?]: 165 [0], given: 20

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?
_________________

GMAT Club Premium Membership - big benefits and savings

Current Student
User avatar
Joined: 07 Jan 2010
Posts: 143
Schools: Michigan 2012
Followers: 1

Kudos [?]: 5 [0], given: 10

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.
Current Student
User avatar
Joined: 05 Aug 2008
Posts: 1262
Schools: Ross 2012
WE 1: 5 Years at Fortune 50 Company in Manufacturing
Followers: 17

Kudos [?]: 165 [0], given: 20

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!
_________________

GMAT Club Premium Membership - big benefits and savings

1 KUDOS received
Director
Director
User avatar
Affiliations: Consortium (CGSM.org), NSHMBA
Joined: 25 Aug 2009
Posts: 937
Location: New Haven
Schools: Yale SOM Class of 2012
WE 1: Investment Banking Summer Associate (Boutique tech M&A)
Followers: 40

Kudos [?]: 221 [1] , given: 113

Reviews Badge
Re: Anyone know TAX Deduction for Bschool Apps [#permalink] New post 21 Jan 2010, 15:20
1
This post received
KUDOS
i'm going to write off every school i get dinged from as a capital loss. :?
_________________

GMAT Debrief

GMAT Club Premium Membership - big benefits and savings

SVP
SVP
User avatar
Status: Burning mid-night oil....daily
Joined: 07 Nov 2008
Posts: 2400
Schools: Yale SOM 2011 Alum, Kellogg, Booth, Tuck
WE 1: IB - Restructuring & Distressed M&A
Followers: 77

Kudos [?]: 711 [0], given: 548

Reviews Badge
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)
_________________

GMAT Club Premium Membership - big benefits and savings

SVP
SVP
User avatar
Status: Burning mid-night oil....daily
Joined: 07 Nov 2008
Posts: 2400
Schools: Yale SOM 2011 Alum, Kellogg, Booth, Tuck
WE 1: IB - Restructuring & Distressed M&A
Followers: 77

Kudos [?]: 711 [0], given: 548

Reviews Badge
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
_________________

GMAT Club Premium Membership - big benefits and savings

Expert Post
VP
VP
avatar
Joined: 07 Apr 2009
Posts: 1158
Concentration: General Management, Strategy
Schools: Duke (Fuqua) - Class of 2012
Followers: 34

Kudos [?]: 370 [0], given: 19

Premium Member
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.
Director
Director
User avatar
Affiliations: Consortium (CGSM.org), NSHMBA
Joined: 25 Aug 2009
Posts: 937
Location: New Haven
Schools: Yale SOM Class of 2012
WE 1: Investment Banking Summer Associate (Boutique tech M&A)
Followers: 40

Kudos [?]: 221 [0], given: 113

Reviews Badge
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
_________________

GMAT Debrief

GMAT Club Premium Membership - big benefits and savings

VP
VP
User avatar
Joined: 09 Dec 2008
Posts: 1221
Schools: Kellogg Class of 2011
Followers: 21

Kudos [?]: 240 [0], given: 17

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.
_________________

GMAT Club Premium Membership - big benefits and savings

Re: Anyone know TAX Deduction for Bschool Apps   [#permalink] 21 Jan 2010, 18:53
    Similar topics Author Replies Last post
Similar
Topics:
2 Will Review Essays/Resumes for Tax-Deductible Donations mybusiness 3 07 Jan 2013, 01:10
Tax Deductions mbarealestate 3 21 Feb 2012, 09:02
Tax Deduction for MBA Application robface 1 14 Dec 2011, 08:00
Deduct MBA tuition from taxes? There is hope! miccarlo 2 12 Jan 2010, 08:57
20 Experts publish their posts in the topic MBA Tuition can be tax-deductible - keep an eye on it! bb 38 08 Jan 2010, 21:34
Display posts from previous: Sort by

Anyone know TAX Deduction for Bschool Apps

  Question banks Downloads My Bookmarks Reviews Important topics  


GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.