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Re:deducting an LL.M (1 viewing) (1) Guest
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TOPIC: Re:deducting an LL.M
#6833
Ellebee (User)
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deducting an LL.M 7 Years, 5 Months ago Karma: 0  
Can you deduct the value of an LLM? I am getting conflicting opinions.
 
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#6842
norton (Moderator)
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Re:deducting an LL.M 7 Years, 5 Months ago Karma: 0  
 
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#6910
Preston (User)
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Re:deducting an LL.M 7 Years, 4 Months ago Karma: 0  
Juat to add, educational costs are not deductible if the education is required to get into a particular field (as opposed to staying in the field), or qualifies you for a new trade or business. That pretty much knocks out anyone thinking of trying to take a full tax deduction for junior's college education

Check out this case: The US Tax Court allowed a nurse to deduct the cost of her M.B.A. degree from the University of Phoenix. (Singleton-Clarke v. Commissioner).

T.C. Summary Opinion 2009-182
UNITED STATES TAX COURT
LORI A. SINGLETON-CLARKE, Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
 
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#6918
J. Cochran (User)
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Re:deducting an LL.M 7 Years, 4 Months ago Karma: 0  
FYI, Tax Court Memo decisions are not considered persuasive authority. Same weight as a private letter ruling. Be careful before you take advise in a forum.
 
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#6928
laurie (User)
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Re:deducting an LL.M 7 Years, 4 Months ago Karma: 0  
If you deduct the cost of am LL.M as a business expense can you also get the education credit on your tax return?
 
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