Last visit was: 17 May 2024, 16:57 It is currently 17 May 2024, 16:57
Decision Tracker
My Rewards
Unanswered
Active Topics
New posts
New comers' posts
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.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel

Anyone know TAX Deduction for Bschool Apps

SORT BY:
Date
Kudos
User avatar
GoBruin
Current Student
Joined: 05 Aug 2008
Posts: 1262
Own Kudos [?]: 175 [0]
Given Kudos: 20
Concentration: Management Consulting
Schools: Ross 2012
 Q50  V44
WE 1: 5 Years at Fortune 50 Company in Manufacturing
Send PM
Anyone know TAX Deduction for Bschool Apps [#permalink] Anyone know TAX Deduction for Bschool Apps   21 Jan 2010, 14:42
Does anyone know if you can claim deductions for Bschool App fees?
User avatar
bigdre
Current Student
Joined: 07 Jan 2010
Posts: 143
Own Kudos [?]: 5 [0]
Given Kudos: 10
Schools:Michigan 2012
Send PM
Re: Anyone know TAX Deduction for Bschool Apps [#permalink] Anyone know TAX Deduction for Bschool Apps   21 Jan 2010, 14:45
GoBruins wrote:
Does anyone know if you can claim deductions for Bschool App fees?


Great question. I have no idea.
User avatar
GoBruin
Current Student
Joined: 05 Aug 2008
Posts: 1262
Own Kudos [?]: 175 [0]
Given Kudos: 20
Concentration: Management Consulting
Schools: Ross 2012
 Q50  V44
WE 1: 5 Years at Fortune 50 Company in Manufacturing
Send PM
Re: Anyone know TAX Deduction for Bschool Apps [#permalink] Anyone know TAX Deduction for Bschool Apps   21 Jan 2010, 14:51
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!
User avatar
shadow
Director
Director
Joined: 25 Aug 2009
Affiliations: Consortium (CGSM.org), NSHMBA
Posts: 929
Own Kudos [?]: 249 [1]
Given Kudos: 113
Location: New Haven
Schools:Yale SOM Class of 2012
 Q48  V51
WE 1: Investment Banking Summer Associate (Boutique tech M&A)
Send PM
Reviews Badge
Re: Anyone know TAX Deduction for Bschool Apps [#permalink] Anyone know TAX Deduction for Bschool Apps   21 Jan 2010, 16:20
1
Kudos
i'm going to write off every school i get dinged from as a capital loss. :?
User avatar
nink
SVP
SVP
Joined: 07 Nov 2008
Status:Burning mid-night oil....daily
Posts: 2396
Own Kudos [?]: 779 [0]
Given Kudos: 548
Schools:Yale SOM 2011 Alum, Kellogg, Booth, Tuck
 Q44  V50
WE 1: IB - Restructuring & Distressed M&A
Send PM
Reviews Badge
Re: Anyone know TAX Deduction for Bschool Apps [#permalink] Anyone know TAX Deduction for Bschool Apps   21 Jan 2010, 16:57
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)
User avatar
nink
SVP
SVP
Joined: 07 Nov 2008
Status:Burning mid-night oil....daily
Posts: 2396
Own Kudos [?]: 779 [0]
Given Kudos: 548
Schools:Yale SOM 2011 Alum, Kellogg, Booth, Tuck
 Q44  V50
WE 1: IB - Restructuring & Distressed M&A
Send PM
Reviews Badge
Re: Anyone know TAX Deduction for Bschool Apps [#permalink] Anyone know TAX Deduction for Bschool Apps   21 Jan 2010, 16:59
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
User avatar
B
asimov
VP
VP
Joined: 08 Apr 2009
Posts: 1186
Own Kudos [?]: 765 [0]
Given Kudos: 20
Concentration: General Management, Strategy
Schools: Duke (Fuqua) - Class of 2012
Send PM
Re: Anyone know TAX Deduction for Bschool Apps [#permalink] Anyone know TAX Deduction for Bschool Apps   21 Jan 2010, 17:28
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.
User avatar
shadow
Director
Director
Joined: 25 Aug 2009
Affiliations: Consortium (CGSM.org), NSHMBA
Posts: 929
Own Kudos [?]: 249 [0]
Given Kudos: 113
Location: New Haven
Schools:Yale SOM Class of 2012
 Q48  V51
WE 1: Investment Banking Summer Associate (Boutique tech M&A)
Send PM
Reviews Badge
Re: Anyone know TAX Deduction for Bschool Apps [#permalink] Anyone know TAX Deduction for Bschool Apps   21 Jan 2010, 17:43
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: https://www.telegraph.co.uk/technology/n ... usion.html
User avatar
Jerz
VP
VP
Joined: 09 Dec 2008
Posts: 1221
Own Kudos [?]: 254 [0]
Given Kudos: 17
Concentration: Health Enterprise Management, Marketing, Strategy, Finance, Analytical Consulting, Economics
Schools:Kellogg Class of 2011
Send PM
Re: Anyone know TAX Deduction for Bschool Apps [#permalink] Anyone know TAX Deduction for Bschool Apps   21 Jan 2010, 19:53
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 Bot
gmatclubot
Re: Anyone know TAX Deduction for Bschool Apps [#permalink]
21 Jan 2010, 19:53