Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Education expenses are deductible if they are to maintain or improve your job skills required in your employment OR if they are to meet the express requirements of your employer (or of a law or regulations) as a condition to retaining your salary or employment.

However, they are not allowed as a deduction if they are to meet the minimum requirements of your present or intended profession OR if they will lead to qualifying you in a new trade or business.

It does not matter if you stay in your current line of business or not. If you are a legal assistant and go to law school to get a degree in law, but remain employed as a legal assistant, the eduction is still not deductible. It qualifies you for a new line of business.

In any case, if the expenses are deductible, you deduct them in the year they are paid (or the year you get a student loan to pay them).

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.