[Gray0620]

Hello,

I have recently been accepted into graduate school and am looking for a way to cover my expenses from the application cycle. For example, GRE preperation, application fees, travel expenses, and etc. Can anyone be of some assistance on how I can deduct these expenses from my income?

Thanks,

Scott

[jman6]

Non-deductible.

BEC (11/17/12): 88
AUD (1/18/13): 76
REG (2/27/13): 88
FAR (4/15/13): 90

[Noct]

Actually, there have been some successful court cases in which a student was able to deduct graduate education costs as a business expense. It's a grey area, but the general idea is that education which augments your skills in your current profession, but does not qualify you for a different line of work are deductible. It's similar to how CPE is deductible as a business expense.

FAR - 79 - 07/2012
AUD - 65, 78 - 11/2012
BEC - 76 - 11/2012
REG - 78 - 01/2013
ETH - 98 - 01/2013

Material: Wiley books

[Gerg, CPA]

you can take a credit (limited) on your federal tax return for grad school tuition expenses.only – you don't get any tax benefit for the application fees, etc

FAR - 1/26/2012 - PASSED (78, but Lost credit), re-do 11/27/2013 - PASSED (87)!
AUD - EPIC FAIL, 71, 69; 68; 5/25/2013 - PASSED (85)!
REG - 10/1/2012 - 72; 7/1/2013 - 73 UGH, 10/1/2013 - PASSED (85)!
BEC - 2/28/2013 - PASSED (82)!
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Used Becker self-study materials (just this for FAR original & REG #1), WileyTestBank, NINJA notes/audio, and Roger cram course for AUD #5, REG #3 & FAR reboot. CPA!

[lyzgrace]

There is also the Lifetime Learning credit – just be aware that it is non-refundable. The American Opportunity credit is partially refundable, but it's only for the first four years of undergrad.

AUD: 82
FAR: 78
BEC: 75
REG: 8/1 score release!!

[SeattleAccountant]

Application fees are not deductible for federal tax purposes, but could be reimbursed by your employer. Be sure to inquire in HR department if you work.

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[Author]

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