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Tax Deductions for Moving to B-school?

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socalmike
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Tax Deductions for Moving to B-school? [#permalink] New post   28 Feb 2011, 19:14
Is this possible?
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refurb
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Re: Tax Deductions for Moving to B-school? [#permalink] New post   28 Feb 2011, 20:33
I tried it, my tax preparer said no, you can get a deduction for moving to take another job, but not for school. May have changed though.

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Re: Tax Deductions for Moving to B-school? [#permalink] New post   28 Feb 2011, 20:37
refurb wrote:
I tried it, my tax preparer said no, you can get a deduction for moving to take another job, but not for school. May have changed though.

RF


refurb is absolutely on the money (as usual), and no, nothing has changed. Basically, "your moving expense" is for personal reasons, meaning that you will incur this expense because of your decision to attend business school. You can usually take the deduction if you moved for a new job or to start a new business. In addition, you have to be at least 50 miles away from the old residence AND your new job must be a FT job for 75% of the year.

P.S. - My new year's resolution....stop answering people's tax questions....people will think I am some kind of tax guy. :?
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riverripper
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Re: Tax Deductions for Moving to B-school? [#permalink] New post   03 Mar 2011, 22:10
If you are married then you can write it off if you spouse switches employment to that city...score one for being married. One of the many benefits of being married during school...also can write of tuition and stuff where as when you graduate there is a good chance you will quickly exceed the income limits.
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socalmike
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Re: Tax Deductions for Moving to B-school? [#permalink] New post   04 Mar 2011, 17:39
Would it be preferable to purchase a car prior to matriculation and filing for financial aid? Also, can I use the $13,000 gift tax for 2010 and do another $13,000 for 2011?
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Re: Tax Deductions for Moving to B-school? [#permalink] New post   12 Apr 2011, 00:30
If you are Canadian, paying Canadian Taxes, and move more than 40KM, then YES.
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Saimabaig
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Re: Tax Deductions for Moving to B-school? [#permalink] New post   13 Oct 2011, 05:50
YES. You can
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Re: Tax Deductions for Moving to B-school? [#permalink]
13 Oct 2011, 05:50

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