Education as business expense !?
T is a CPA with a large accounting firm in Houston. He has been assigned to the international taxation group of his friend’s tax department. As a result of this assignment, T enrolls in an international tax law course at U of H law school. The authorities of the University require T to enroll as a regular law student; and theoretically if he continues to attend courses, T will graduate with a law degree. Will T be able to deduct his tuition for the international tax law course as business expense?
Thanks!
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No, it qualifies him for a new profession. He can probably take a lifetime learning credit for some of the expenses, though.
Your homework question can be researched in IRS publication 970.