M
Mark Bole
Two recent threads on this topic require some clarification.
As mentioned, see Pub 970 "Tax Benefits for Education".
Several replies correctly stated that the "Business
Deduction for Work-Related Education" (ch. 12 of the pub)
only applies to education to maintain or improve current job
skills, not to begin a new type of work.
However, neither the Tuition and Fees deduction (ch. 6) nor
the Lifetime Learning credit (ch 3) carry this same
restriction. They both apply to education taken to
*acquire* or improve job skills (emphasis added). However
they apply only to expenses at a qualified educational
institution (but you do not have to be a degree candidate).
They also cannot include classes related to sports, hobbies,
etc.
Only one reply mentioned this, I found the others somewhat
misleading by omitting this important distinction, which
most likely applies to both OP's.
-Mark Bole
<< ------------------------------------------------------- >>
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<< that may be imposed upon the taxpayer. >>
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As mentioned, see Pub 970 "Tax Benefits for Education".
Several replies correctly stated that the "Business
Deduction for Work-Related Education" (ch. 12 of the pub)
only applies to education to maintain or improve current job
skills, not to begin a new type of work.
However, neither the Tuition and Fees deduction (ch. 6) nor
the Lifetime Learning credit (ch 3) carry this same
restriction. They both apply to education taken to
*acquire* or improve job skills (emphasis added). However
they apply only to expenses at a qualified educational
institution (but you do not have to be a degree candidate).
They also cannot include classes related to sports, hobbies,
etc.
Only one reply mentioned this, I found the others somewhat
misleading by omitting this important distinction, which
most likely applies to both OP's.
-Mark Bole
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>