Multiple Choice
Grace is a single medical student at State University,a qualified educational institution.This year Grace paid university tuition of $12,000.Grace works part-time at the University library,and this year she reports $15,000 of salary and no other items of income or expense.Which of the following is a true statement?
A) Grace can deduct all of her tuition for AGI as a business expense.
B) Grace can deduct all of her tuition as a miscellaneous itemized deduction.
C) Grace can only deduct half of her tuition for AGI as a business expense.
D) Grace can only deduct half of her tuition as a miscellaneous itemized deduction.
E) All of these are falsE.Educational expenses cannot be deducted as a business expense if they are required for a new profession (which is always the case for medical school) .
Correct Answer:
Verified
Correct Answer:
Verified
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