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If a taxpayer whose MAGI is too gh to claim an education…

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quot;For Lev"If a taxpayer whose...
quot;For Lev"If a taxpayer whose MAGI is too high to claim an education credit returns to school for a career change, can the cost incurred be claimed as professional development or must it be amortized? If amortized, what is the life of amortization?Thanks!
Submitted: 2 years ago.Category: Tax
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2/27/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,861
Experience: Taxes, Immigration, Labor Relations
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There is no capitalization for educational expenses...

If that education qualifies for work related education - deduction is allowed for the year when expenses are paid.
For specific qualifications - see IRS publication 970 page 67

https://www.irs.gov/pub/irs-pdf/p970.pdf

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Tax Professional: Lev, Tax Advisor replied 2 years ago

I just noticed the phrase - for a career change - that you mentioned.

Please be aware that it isn't qualifying work-related education if it:
-- Is needed to meet the minimum educational requirements of your present trade or business, or
-- Is part of a program of study that will qualify you for a new trade or business.
You can deduct the costs if the education maintains or improves skills needed in your present work.

Please verify.

.

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