Can I deduct transportation costs to school from my taxes if I work full time?

Question

I'm in an accelerated masters program. Can I also deduct the price of books even if my company is paying for them? I live in CT.

Answer 1

Is your masters program work related? I assume this is the case since the company is paying some of your expenses. Your transportation expenses to school are treated as any other business transportation expenses.

If you are not reimbursed for your travel to class, then you can deduct your travel costs to class. You can deduct your cab fare, train fare, etc., or if you drive your own vehicle can deduct 48.5 cents per mile or take actual expenses. In addition, you can deduct parking at the school and tolls you paid.

Keep excellent records of your expenses as these deductions are routinely scrutinized. Your regular commute to and from work is not deductible, so you must separate that out.

If you go from work to school and then from school to home, you only get to deduct the transportation expenses from work to school. If you go to class on the weekends when you are not at work, you can deduct your transportation expenses to school and back. Full details are provided in IRS Pub 463.

Educational expenses (such as books) paid for by your employer are a tax-free benefit to you and so you cannot deduct those expenses.

You will use Form 2106 to record your unreimbursed expenses. The total expenses transfer to Schedule A as miscellaneous deductions subject to 2% of your AGI.

Answer 2

deduct? The only thing I''ve found for education is the Hope Credit and the Lifetime Learning Credit. the lifetime learning has a limit of $1500 (i believe) and it covers tuition. There is also student loan interest deduction, but it usually doesnt make too much of a difference. Where are you 'deducting' the cost of books or anything else? I will be interested to see if others have done that.

Answer 3

No and no. Transportation isn't a deductible school expense. And re the books, why would you think you could deduct something you aren't even paying for?

Answer 4

http://www.irs.gov/pub/irs-pdf/p17.pdf

Above is a link to Publication 17. On page 182 is the section on "Tax Benefits for Work-Related Education"

It is possible to claim mileage IF these conditions are met AND you travel directly from work to school and not go home first.

If your employer pays for anything, it is not deductible by you.

Answer 5

No, you can deduct nothing.

Your company is paying for things so THEY may be able to deduct the costs.

Commuting costs, whether for school or work, are NEVER deductible.

Answer 6

once you post a FAFSA, you sign a fact agreeing to apply the money basically for academic expenses. the dep. of practise has made it sparkling that the acquisition of a vehicle isn't seen to be an academic rate, however in case you utilize it for transportation to and from college. So, you are able to not use the two federal loans or provides you to purchase a vehicle. (you would be able to desire to apply the money for different varieties of transportation, in spite of the undeniable fact that, collectively with a bus bypass).

Answer 7

NO