Discussion:Job Hunting Expenses - runnign for office
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Discussion Forum Index --> Tax Questions --> Job Hunting Expenses - runnign for office
| 14 November 2006 | |
| A friend spent over $100,000 of his personal funds running for an elected office. He lost! Can this qualify as a misc. itemized deduction as an expense of seeking employment? | |
Death&Taxes (talk|edits) said: | 14 November 2006 |
| Job seeking costs must be for the same line of business, which sound like he wasn't. | |
Chautauqua (talk|edits) said: | 14 November 2006 |
| No, not deductible, even if he won.
I remember a case where a judge, who had been re-elected several times to the same judgeship, was denied a deduction for campaign expenses. The government successfully argued that each elected term was a different job than the previous one. | |
Death&Taxes (talk|edits) said: | 14 November 2006 |
| I know there is a relevant case also but darned if I can find it, so I took the simple way out. | |
| 14 November 2006 | |
| Political contributions are not deductible, even if they are for yourself. ♫ | |
| 14 November 2006 | |
| McDonald v Commissioner, 323 US 57
Old US Supreme Court case which disallowed campaign expenses. As far as I know, it is still good law. May want to Google it to make sure. | |
| 15 November 2006 | |
| Hard to believe that our politicians didn't give themselves this tax break! | |
| 15 November 2006 | |
| Quoting directly from Internal Revenue Code § 162(e)(1)(B), “No deduction shall be allowed amount paid or incurred in connection with participation in, or intervention in, any political campaign on behalf of (or in opposition to) any candidate for public office….” | |
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