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Can I deduct the cost of the GMAT?

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GMATBLACKBELT
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Can I deduct the cost of the GMAT? [#permalink] New post   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 $$$.
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buffdaddy
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Re: Can I deduct the cost of the GMAT? [#permalink] New post   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.
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ashkrs
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Re: Can I deduct the cost of the GMAT? [#permalink] New post   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.
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Re: Can I deduct the cost of the GMAT? [#permalink] New post   02 Mar 2008, 17:17
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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.
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GMATBLACKBELT
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Re: Can I deduct the cost of the GMAT? [#permalink] New post   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
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Re: Can I deduct the cost of the GMAT? [#permalink] New post   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 $$$
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Re: Can I deduct the cost of the GMAT? [#permalink] New post   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.
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Re: Can I deduct the cost of the GMAT? [#permalink] New post   03 Mar 2008, 08:37
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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...
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Re: Can I deduct the cost of the GMAT? [#permalink] New post   04 Mar 2008, 14:34
I woudl say yes
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Re: Can I deduct the cost of the GMAT? [#permalink] New post   05 Mar 2008, 13:36
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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
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