Cha-Ching! Add it up!

$1200 suit... Damn!

I've proabaly invested almost $30K so far, and that doesn't include application fees or interviews.

GMAT (x4): $1000
Kaplan: $1200
Books, CDROMs, other online materials: ~$1000
Initial school visits in 2004 and 2005: $5000 (x2)
Lost wages during vists: $15,000

$1200 for a suit? Geez, what did you get, Armani?

Embarassing as it is... and its one of my cheaper suits actually.... I tend to buy Loro Piana mostly. Armani tends not to fit well on my frame. I also have a tendency to buy some pretty ridiculously priced shirts. Shoes too, but at least there I can blame my insanely big but insanely narrow feet. There's only two manufacturers that fit me well. Reebok, and Ferragamo. Doesn't leave much in terms of options. Ties are probably my most ridiculous splurge - but I stopped buying them years ago. Hermes mostly.

straight ballin'

Wow. Either you make alot of money or you visited every b-school in the world.

I'm also counting the month I took off work to study for my GMAT in that figure. Suppose I should have been clearer. For the record I don't make $300,000 a year

Dang...I'm a girl and I think my whole closet isn't worth that much!

I spent in the environs of $5,000 just applying, not counting my deposit.

I assume that my opportunity cost is at least a few million, because during the time I spent on apps, I probably would have invented the next big thing or landed a major role in a blockbuster movie. Hopefully bschool is worth it.

I've spent in the range of $3,000. It should have been $4,000, but my GMAT prep course forgot to charge my credit card.

Do any of you know if MBA expenses are tax deductible?

I've heard they are not. Any accountants?

https://www.harbus.org/media/storage/pap ... harbus.org

https://www.taxman.com/students.html

Who needs accountants when you've got a Free Tax Preparation guru on the board?

No, all those preparation costs aren't worth a damned thing on your tax return. (OK, MAYBE we could swing some part of it on the schedule A if your employer required you to get the MBA, or maybe if you're self-employed, but it would be a stretch. Pigs get fat, hogs get slaughtered.)

If your spouse moves with you and can claim that the move is related to work (getting a new job), and you move a decent distance, you can claim the moving expense deduction.

You can claim your tuition and some fees paid on the Lifetime Learning Credit (form 8863), as long as you follow three rules:

1. The cost is necessary AND paid to the school (shows up on your tuition statement).

2. Expense is paid by cash or loans. Scholarship/grant/fellowship money won't count, obviously.

3. For those of you who are young enough: whoever claims your personal exemption gets to claim these credits. If your parents claim you, they get the credit, no matter who paid the expenses. If Grandma throws out $100k to pay for you, but you claim yourself on your return, then you get the credit. Sucks to be Grandma. But AWESOME to be you.

Need help with this? PM me after Jan 10.

After 2002, the credit amount is equal to 20 percent of the taxpayer's first $10,000 of out-of-pocket qualified tuition and related expenses. Thus, the maximum credit a taxpayer may claim for a taxable year is $1,000 through 2002 and $2,000 thereafter. These amounts are not indexed for inflation.

In other words, I can claim up to $2,000 but no more? That sound mad lame.

Moreover: Income limits increased. The amount of your lifetime learning credit for 2005 is gradually reduced (phased out) if your modified adjusted gross income (MAGI) is between $43,000 and $53,000 ($87,000 and $107,000 if you file a joint return). You cannot claim a credit if your MAGI is $53,000 or more ($107,000 or more if you file a joint return). This is an increase from the 2004 limits of $42,000 and $52,000 ($85,000 and $105,000 if filing a joint return). See Effect of the Amount of Your Income on the Amount of Your Credit, later, for more information.

So in short, if I make more than 50K I cant claim a thing? Lame

my 5 application fees (well, one of them was waved), GMATS, 1 flight to NC, and a couple of used GMAT-prep books from Amazon = ~ $1,200
(not counting opportunity cost of time)

LESS THAN RHYME'S SUIT

....I feel cheap

Rhyme -

I haven't double-checked the exact figures, but you've got the idea.

But don't worry your pretty little head. The Schedule A - and many other aspects of our regressive tax code - will take care of you high rollers.

Whats with the suit thing? Where do you people shop for suits? It's not that much!