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Posted by Harlan Lunsford on January 29, 2008, 5:53 pm
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eagent wrote:
>> My wife is currently a school psychologist and is endeavoring to
>> become licensed. Becoming licensed will not advance her current career
>> in the public school system but will allow her to explore other
>> options outside of the public school setting.
>>
>> As part of the requirements of becoming licensed she must be
>> supervised by a licensed psychologist, who in this case will be
>> charging for her time (>$600 over the year).
>>
>> Can and how would we deduct these payments on our 2008 tax return?
>> Would we need to issue a 1099? Even if the answer to the first
>> question is no?
>> Are the exam fees deductible?
>>
>> Thanks.
>>
>> --
>> << ------------------------------------------------------- >>
>> << The foregoing was not intended or written to be used, >>
>> << nor can it used, for the purpose of avoiding penalties >>
>> << that may be imposed upon the taxpayer. >>
>> << >>
>> << The Charter and the Guidelines for submitting posts >>
>> << to this newsgroup as well as our anti-spamming policy >>
>> << are atwww.asktax.org. >>
>> << Copyright (2007) - All rights reserved. >>
>> << ------------------------------------------------------- >>
>
> We'd need more information, but it is very likely that there is NO
> deduction here (sorry).
>
> The rules for deductibility are pretty clear - IF the education or
> associated costs QUALIFY you for a NEW occupation then you get no
> deduction.
>
> For example, as a tax accountant, if I went to law school to become a
> tax attorney - even though I'd still work in the tax field and I'd
> still be an owner of the business, I get no deduction because the law
> degree qualifies me to work as an attorney.
(snipped...)
As an adjunct of this response, suppose Gene went to law school solely
for the purpose of taking courses that might help in the practice of
tax accounting, e.g. business law comes to mind.
Guess what? IRS says no deduction since part of law school course.
But if he took similar course in business law at local university, then
yes.
Talk about "strange"!
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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