Asked by Gianna Opalkowski on Jul 22, 2024
Verified
Education expenses are deductible if the education maintains or improves existing skills or if the education helps the taxpayer qualify for a new trade or business.
Existing Skills
The set of abilities, knowledge, and experience that an individual currently possesses.
Taxpayer
An individual or entity that is obligated to make payments to municipal or government bodies, often in the form of taxes.
Education Expenses
Costs related to education, including tuition, books, and supplies, which may qualify for deductions or credits under tax laws.
- Understand the criteria for deducting education expenses related to maintaining or improving existing skills or qualifying for a new trade or business.
Verified Answer
HT
Haakan ThorsgardJul 26, 2024
Final Answer :
False
Explanation :
Education expenses are deductible if the education maintains or improves existing skills or is required by the employer or by law to keep the taxpayer's current job. However, expenses are not deductible if the education is to meet the minimum educational requirements of the current trade or business or if it qualifies the taxpayer for a new trade or business.
Learning Objectives
- Understand the criteria for deducting education expenses related to maintaining or improving existing skills or qualifying for a new trade or business.
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