Is the parking fee tax-deductable?

Question

As a new physician, I have to pay more than thousand dollars for the parking around the university hospital. Is this cost tax-deductable?

Is the auto-usage expense for back and forth between my home and working place tax-deductable? Thanks!

Answer 1

parking may or may not be, but not at the federal level.

driving to work NEVER is.

Answer 2

I'm not an accountant, but an engineer - but a fairly frequent business traveler.

It depends upon your relationship to the university hospital. If you're a resident, I believe you would be an employee of the hospital, thus your parking fee and your commute would not be tax deductable. If, however, you have a private practice and bill your patients separately, then your parking and commute from your place of employment (your office) and the place where you earn your fee (the university hospital) should be deductable (or the difference between your commute distance and your travel destination). However, if you're earning all of your fees at the hospital, I suspect that would qualify as your place of employment.

If you got through med - school, you're likely a pretty sharp cookie. Give a CPA a few bucks and he/she will not steer you wrong, and help you properly frame your office/commute et c to keep more of your hard earned cash in your coffers and not in the governments!

Answer 3

Unfortunately, your parking fee isn't considered deductible. It's basically a part of your commuting expense, as well as your trip from home to the hospital. However, you may want to check with your employer regarding parking benefits. Many companies that have expensive parking offer some sort of reimbursement to their employees.

Good luck on the new job! We need good doctors!

Answer 4

Neither is deductible.