Is Your MBA Graduate Degree Tax-Deductible?

You might be able to deduct your MBA degree if... Your degree maintained and improved skills required in your current field. Expenses will not be deductible if you change careers after your MBA program or could change careers after your MBA program, even if you choose not to. AND Your degree does not qualify you for a new trade or business. This is a gray area for MBA programs, as the degree typically allows you to work in a variety of fields. AND You (not your employer) paid for your business school tuition. If your employer reimbursed your tuition as fully-taxed regular wages, you will not be eligible to deduct your tuition costs. AND You have detailed records in support of your graduate school expenses.