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# Can I deduct the cost of the GMAT?

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CEO
Joined: 29 Mar 2007
Posts: 2583
Followers: 18

Kudos [?]: 324 [0], given: 0

Can I deduct the cost of the GMAT? [#permalink]

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01 Mar 2008, 22:40
I was curious whether I could deduct the costs of my GMAT exam. Also maybe even my MGMAT course I took for my GMAT.

Would be awsome to save some extra $$. Director Joined: 14 Oct 2007 Posts: 758 Location: Oxford Schools: Oxford'10 Followers: 14 Kudos [?]: 198 [0], given: 8 Re: Can I deduct the cost of the GMAT? [#permalink] ### Show Tags 02 Mar 2008, 05:35 Hi GBB, Deduct the cost from what? Do you run your own company? I do not know what the rules are in the USA. Director Joined: 08 Jun 2007 Posts: 583 Followers: 2 Kudos [?]: 86 [0], given: 0 Re: Can I deduct the cost of the GMAT? [#permalink] ### Show Tags 02 Mar 2008, 12:40 buffdaddy wrote: Hi GBB, Deduct the cost from what? Do you run your own company? I do not know what the rules are in the USA. I guess he is talking about tax filing... GBB - I dont think so ..I just filed my tax today...at least the accountant didnt ask any question about any exams ..though he did ask me if I am paying any educational loans or not. Manager Joined: 01 Jun 2006 Posts: 183 Location: United States Schools: Haas '15 (M) GMAT 1: 750 Q50 V40 Followers: 3 Kudos [?]: 27 [1] , given: 3 Re: Can I deduct the cost of the GMAT? [#permalink] ### Show Tags 02 Mar 2008, 17:17 1 This post received KUDOS I'm pretty sure you can only deduct the cost of the GMAT and any other costs associated with biz school if you are attending business school to advance in your current career. If you are going to business school to switch careers, then you can not deduct any of the associated costs. CEO Joined: 29 Mar 2007 Posts: 2583 Followers: 18 Kudos [?]: 324 [0], given: 0 Re: Can I deduct the cost of the GMAT? [#permalink] ### Show Tags 02 Mar 2008, 19:43 swbluedevil wrote: I'm pretty sure you can only deduct the cost of the GMAT and any other costs associated with biz school if you are attending business school to advance in your current career. If you are going to business school to switch careers, then you can not deduct any of the associated costs. thx man Manager Joined: 02 Jan 2008 Posts: 194 Location: Toronto Followers: 1 Kudos [?]: 31 [0], given: 0 Re: Can I deduct the cost of the GMAT? [#permalink] ### Show Tags 03 Mar 2008, 07:23 ashkrs, I'm not sure if you can deduct the cost of GMAT, but I think you can deduct if you had taken a preperatory course. Again I would ask this, instead of waiting for the accountant to ask. I know it would be great if we can deduct these$$$Director Joined: 20 Aug 2007 Posts: 851 Location: Chicago Schools: Chicago Booth 2011 Followers: 11 Kudos [?]: 95 [0], given: 1 Re: Can I deduct the cost of the GMAT? [#permalink] ### Show Tags 03 Mar 2008, 07:46 I run my own business on the side. I wonder if GMAT and prep classes can be deducted in my case -- I'll look into it. The MBA is definitely going to help grow my business. Senior Manager Joined: 25 Jul 2007 Posts: 378 Location: Times Square Schools: Baruch / Zicklin Followers: 4 Kudos [?]: 38 [1] , given: 148 Re: Can I deduct the cost of the GMAT? [#permalink] ### Show Tags 03 Mar 2008, 08:37 1 This post received KUDOS Can't you deduct the GMAT as an educational expense? I put in for tuition, books, etc, I would think that the GMAT falls into the same category - correct me if i'm wrong... Manager Joined: 25 Aug 2005 Posts: 138 Followers: 1 Kudos [?]: 7 [0], given: 0 Re: Can I deduct the cost of the GMAT? [#permalink] ### Show Tags 04 Mar 2008, 14:34 I woudl say yes Senior Manager Joined: 18 Oct 2007 Posts: 449 Location: USA Schools: Tepper '11 Followers: 5 Kudos [?]: 56 [1] , given: 2 Re: Can I deduct the cost of the GMAT? [#permalink] ### Show Tags 05 Mar 2008, 13:36 1 This post received KUDOS Your best bet is to try to get it reimbursed from your work as continuing education. but I didn't bother trying this. Applications alone are gonna cost 1k+, if interviews happen, it could cost another 2k, whats the point of another$250. drop in the bucket
Re: Can I deduct the cost of the GMAT?   [#permalink] 05 Mar 2008, 13:36
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