Lesson From The Tax Court: Deducting Graduate School Costs

(TaxProf Blog) - To deduct education expenses under §162 a taxpayer must meet one of two “must” requirements and must avoid both of two “must not” barriers. The regulations explain. First, Treas. Reg. 1.162-5(a) gives us the two “must” requirements. The education must either (1) maintain or improve the taxpayer’s skills in their current trade of business or (2) be required to stay employed or keep an established status, such as a licensed professional...

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