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#3
02-19-2004, 01:56 PM
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 Re: Education Deduction Ted Simon wrote: - quote - > Can someone please give me the lowdown on the deduction for
Not as "higher education expenses". Possibly as business> graduate education? I am an engineer and will be starting a > full-time MBA program in the fall. > I have spent approx $1000 on application fees. Are these > fees deductible? education expenses, if the MBA is to help you in your current engineering career. But you did say "full time", so I would lean against it. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
02-18-2004, 05:09 PM
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| Re: Education Deduction - quote - > Can someone please give me the lowdown on the deduction for
Not under any provision I'm aware of.> graduate education? I am an engineer and will be starting a > full-time MBA program in the fall. > I have spent approx $1000 on application fees. Are these > fees deductible? - quote - > Also, I will likely take out some loans to pay for school.
You can take the Lifetime Learning Credit or the tuition &> If these are deductible, do I deduct them when I pay back > the loans or when I attend school? fees deduction (form 1040 page 1) on your tuition & required fees, regardless of whether you pay for them with loans or out-of-pocket. The loans are not taxable income, so you don't need to deduct them. When you pay back the loans, you deduct the interest on them. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-17-2004, 11:08 PM
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| Re: Education Deduction joshg27[at]yahoo.com (Ted Simon) writes: - quote - > I have spent approx $1000 on application fees. Are these
No> fees deductible? - quote - > Also, I will likely take out some loans to pay for school.
The loans are not, in and of themselves, deductible.> If these are deductible, do I deduct them when I pay back > the loans or when I attend school? Qualifying expenses that you pay from loan proceeds are deductible. Finally, when you repay the loans the interest you pay is deductible. Get a copy of IRS Publication 970. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-17-2004, 10:49 PM
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| Re: Education Deduction "Ted Simon" <joshg27[at]yahoo.com> wrote: - quote - > Can someone please give me the lowdown on the deduction for
Application fees are not deductible; and only student loan> graduate education? I am an engineer and will be starting a > full-time MBA program in the fall. > I have spent approx $1000 on application fees. Are these > fees deductible? > Also, I will likely take out some loans to pay for school. > If these are deductible, do I deduct them when I pay back > the loans or when I attend school? interest is deductible when paying back the loans. bw << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-17-2004, 02:14 AM
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| Education Deduction Can someone please give me the lowdown on the deduction for graduate education? I am an engineer and will be starting a full-time MBA program in the fall. I have spent approx $1000 on application fees. Are these fees deductible? Also, I will likely take out some loans to pay for school. If these are deductible, do I deduct them when I pay back the loans or when I attend school? Thanks. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deduction, education |
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