Educational Tax Benefits

Are the costs of my secondary teacher college courses deductible?

Asked Saturday, September 23, 2000 by an anonymous user

CPA Answer:

Yes since this would not be considered a new job or meeting the minimum requirements of the current job. The following teaching position changes qualify as deductible job changes: elementary to secondary teacher; teacher in one subject changing to another subject; classroom teacher to guidance counselor; or classroom teacher to school administrator, such as a principal.
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Employee Business Expense

Nurse - physician's assistant costs

Asked Saturday, September 23, 2000 by an anonymous user

CPA Answer:

Physician's assistants and practical nurses are subject to different certification and registration requirements under state law and they perform different duties.
The costs would be considered as qualifying for a new business or profession and therefore not deductible.
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Travel & Entertainment

Are travel expenses associated with my taking courses to maintain my job skills deductible?

Asked Saturday, September 23, 2000 by an anonymous user

CPA Answer:

Yes. If the courses qualify as deductible educational expenses to improve and maintain your job skills, then the local transportation and travel away from home are deductible. The costs of transportation from your job to school is fully deductible and from school back home is deductible only if school is considered to be on a temporary basis (school will last 1 year or less is temporary basis). The deductible educational expenses will be taken on Form 2106 or on Schedule A, as a miscellaneous deduction subject to the 2% limitation.
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Travel & Entertainment

Is my trip to Spain deductible because I am a Spanish teacher ?

Asked Saturday, September 23, 2000 by an anonymous user

CPA Answer:

No deduction is allowed for costs of travel claimed as a form of education to maintain familiarity with the country's culture or language or customs.
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Rental Expenses

Are the travel costs I incur to monitor my rental property deductible?

Asked Saturday, September 23, 2000 by an anonymous user

CPA Answer:

Yes. Expenses incurred in managing investment property are deductible even if the property is not currently producing income. You will list this deduction on Schedule E, part I expense line for auto and travel.
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Employee Business Expense

Safe Deposit Box

Asked Saturday, September 23, 2000 by an anonymous user

CPA Answer:

If the Safe Deposit Box is used to store investment documents such as securities. It is a miscellaneous itemized deduction entered on IRS Schedule A, subject to the 2% limitation.
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Employee Business Expense

Subscriptions

Asked Saturday, September 23, 2000 by an anonymous user

CPA Answer:

Expenses for magazines, books, newsletters, and investment services are deductible as a miscellaneous itemized deduction, subject to the 2% limitation on Schedule A.
Investment management or investment planner fees are also deductible.
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Employee Business Expense

Tax preparation fees

Asked Saturday, September 23, 2000 by an anonymous user

CPA Answer:

Tax preparation and audit fees are deductible. A portion of these fees may be allocated to the individual's business tax forms (Schedule(s) C,E,F) or as an itemized deduction on Schedule A subject to the 2% limitation.
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Investments & Financial Planning

Is the cost I paid for an investment seminar deductible?

Asked Saturday, September 23, 2000 by an anonymous user

CPA Answer:

No. The cost of an investment seminar or financial planning seminar is not deductible. Convention expenses are only deductible if related to a business activity not an investment activity.
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Property Taxes

Are the legal fees I paid for my property tax reduction deductible?

Asked Saturday, September 23, 2000 by an anonymous user

CPA Answer:

No. Legal fees incurred in reducing an assessment on property are not deductible.
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