Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I'm looking at spending $5-6,000 over the next year bringing some of them technical skills back up to date and was told by the school that my educational expenses may be tax deductible, but that's all they knew. Does anybody have any more information? Among my questions:

Are my expenses deductible in the year I go to school or in the year I pay back my student loan?

Is the interest on the student loan deductible?

Do I have to exceed some minimum dollar or percentage figure to be deductible?

My current employer is going to reimburse me for a couple of the classes. I assume that won't be deductible because I won't be paying that money myself, but will it affect the deductibility of what I DO spend?

I figure $5,000 now to get a $25,000-30,000 raise in 1-2 years in money Foolishly spent! But if I can get part of that back from the government, all the better.

Just another question from that Sacto Fool....
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.
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.