Hello!

I am a PGY-3 resident (Peds) in Philadelphia.



In preparation of taxes I am wondering if the following items are deductible, i.e. is it worth the time/money to itemize:



1. travel expenses: hotel, air, etc. r/t my seearch for a job (I am continuing education in another residency after Peds)

2. Expenses r/t "outside" rotations (I did a rotation in another state, where I rented a car for 4 weeks, rent, state medical license fee etc...)

3. Professional subscriptions (e.g. Audio-Digest - audio CME course)



Thank you very much

Alexander Gurfinkel, MD

agurf@teleport.com

Zip Code: agurf@teleport.com

As a physician, you're allowed to deduct those expenses that are "ordinary" and "necessary" in connection with your profession. On our home page, we have a link to a list of the professional expenses commonly deducted by your colleagues.



If you're compensated as an independent contractor, you can generally deduct those expenses directly against that income on a Schedule C. Otherwise, you're required to claim your professional expenses as a Miscellaneous Itemized Deduction.



The problem is that your miscellaneous itemized deductions are only allowable to the extent they exceed 2% of your income. In addition, your total itemized deductions must exceed your standard deduction to make it worthwhile to itemize. For those two reasons, many people who are compensated as employees don't end up getting a tax break for their unreimbursed professional expenses.

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Replying to:

Hello!

I am a PGY-3 resident (Peds) in Philadelphia.



In preparation of taxes I am wondering if the following items are deductible, i.e. is it worth the time/money to itemize:



1. travel expenses: hotel, air, etc. r/t my seearch for a job (I am continuing education in another residency after Peds)

2. Expenses r/t "outside" rotations (I did a rotation in another state, where I rented a car for 4 weeks, rent, state medical license fee etc...)

3. Professional subscriptions (e.g. Audio-Digest - audio CME course)



Thank you very much

Alexander Gurfinkel, MD

agurf@teleport.com

Zip Code: cpa@mdtaxes.com