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June 6, 2019
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Can i deduct college deposit fees

  • June 6, 2019
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Paid $300 deposit fee to University in December of 2016 for Fall 2017 enrollment.  Is that $300 tax deductible for 2016 returns or 2017 returns?
Best answer by nyinyeb

Unfortunately, deposit fees  are not deductible-

1 reply

nyinyebAnswer
June 6, 2019

Unfortunately, deposit fees  are not deductible-

June 6, 2019
Uh, WRONG!  A deposit against actual college tuition, for example, IS DEDUCTIBLE... within certain time limits.  The IRS clearly states that a deposit (for example) at the end of 2017 can be deducted in 2017 if it is for expenses that will occur in the 1st quarter of 2018.
April 18, 2022

What if it does not apply to the first quarter of the next year? For example, I paid a $1200 deposit in December 2021 to begin a Doctoral program in January 2023.