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Danilo_G
Discussion » Statements » Rosie's Corner » Expenses incurred while job searching can be written off per the IRS. So why can't folks running for president deduct theirs?
RosieG

Expenses incurred while job searching can be written off per the IRS. So why can't folks running for president deduct theirs?

OF COURSE no contributions spent could be tax deducted. It isn't out of the pocket of the candidate.

But Bloomberg is spending his own money job searching to be president. Why isn't that deductible?
You think I'm joking? I'm not. Fair is fair and that isn't fair.

Posted - February 24, 2020
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Responses


  • 34665
    No politcal donations are deductable. Not for candidates or donors. It is a method of preventing corruption.
      February 24, 2020 6:10 AM MST
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  • 113301
    They are NOT donations m2c. They are his own money out of his own pocket. Do you consider that a donation as well? Thank you for your reply! :)
      February 24, 2020 6:17 AM MST
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  • 34665
    No they are donations to his campaign. 
      February 24, 2020 6:19 AM MST
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  • 34665
    Job search expenses were only deductable if you were looking within your own field.  (Bloomberg is not currently a politican so not within his field)

    Job search expenses are no longer deductable through 2025. 
      February 24, 2020 6:16 AM MST
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  • 113301
    What? So I WAS a secretary but went to school and now I'm an accountant. You are telling me that only if I search for a secretarial job I can deduct expenses? That is ridiculous.
      February 24, 2020 6:18 AM MST
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  • 34665
    That is what I just read. And it does not apply at all now.

    https://www.moneycrashers.com/tax-deductions-job-search-expenses/
     This post was edited by my2cents at February 24, 2020 6:23 AM MST
      February 24, 2020 6:19 AM MST
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