@georgetakei International story time.
So in Germany you can write off the costs when they occur (university costs, like 1000€ a year; and cost of living if you keep a 2nd residence in university town), and for 2nd higher education (master's e.g.) you can carry them forward to future years where you have income.
Of course if you have income the same year you'll have to use them up.
I don't think you can write off loans later on, it would kind of be a double write off which would be weird.
@juliank @georgetakei
In Ireland you (ie the payer) get tax relief on student fees.
@georgetakei I wonder what the IRS would say if someone tried this?
It *IS* a business expense! 😂
I was able to write off my tuition remission benefit back in the 90's when I had to get a subject master's degree as a job requirement for tenure as a science reference librarian at a university (I earned the degree while working). I didn't know how to file it properly with the IRS, though - so I got audited. I explained my situation to the IRS agent and she was very nice. She walked me through the process so my filing was corrected and I did not have to pay any penalties.
Oh my .. that is too logical but will never fly
#AltText: Screenshot of a post by Melanie D'Arrigo (@DarrigoMelanie) If your job requires a college degree, you should be able to write-off your student loan payments as a business expense the way CEOs write off their private jets and yachts for their jobs which require neither.
Interestingly enough, we have a scheme here in Australia called HECS (Higher Education Contribution Scheme). The idea being that the government pays for a portion of your education, and the rest was paid for by you as a loan.
If you paid up-front, you got a discount… and at the end, there was no debt.
The scheme was dreamed up and enacted by people who had their education paid for for free by the government -- which was the policy before HECS was introduced.
@georgetakei well said.
Some kind of ability to write this off is indeed needed. This should apply world-wide from how I see it but certainly in Canada and the USA.
All the best to you. 😀
In Germany you can actually do this:
@georgetakei Here's a thought, perhaps worth pursuing?
Consider families (singletons, couples, multiples, with or without children) as entities that produce and improve citizens.
Such entities should be entitled to deduct the costs of said production/improvement.
So costs for utility bills, education, housing, transportation, healthcare - all should be straight deductions. Not subsumed under one-size-fits-all "standard deduction" as the USA has it.