I'm currently working as a tax analyst at a regional CPA firm and have been following this thread with great interest. The insights about NYU's MSL program have been incredibly helpful, especially regarding the work experience flexibility and networking opportunities. One aspect I'd love to hear more about is the international tax component that several people have mentioned. My firm primarily handles domestic clients, but I'm really interested in developing expertise in cross-border taxation. For those who've been through the program, how robust is the international tax curriculum? Are there specific courses focused on transfer pricing, treaty analysis, or international compliance issues? Also, I'm curious about the technology integration in the program. With all the changes in tax technology and AI tools becoming more prevalent in practice, does the curriculum address these developments? I want to make sure any graduate program I choose will keep me current with how the profession is evolving. The discussion about career advancement has been really encouraging too. It sounds like the NYU network and brand recognition really do translate into tangible opportunities, which is exactly what I'm hoping for in taking this next step in my career.

As someone who went through a similar decision process a few years ago, I wanted to add my perspective on the MSL vs MST comparison. I ultimately chose a different route (Georgetown's MST), but I did extensive research on NYU's program during my decision-making process. One thing that really impressed me about NYU's MSL program was how integrated it is with their broader tax law ecosystem. Unlike standalone MST programs, NYU students get to participate in the same seminars and workshops as their world-renowned LLM students and tax law faculty. This creates a much richer academic environment than what you'd typically find in a business school-based MST program. The practical focus that others have mentioned is real - when I visited NYU, I sat in on a class where students were working through actual IRS private letter ruling requests and analyzing how different fact patterns might change the outcomes. That level of real-world application is something you don't always get in more theoretical programs. Regarding your work experience concern, I'd echo what others have said about quality over quantity. Your Big 4 background working on partnership and corporate matters is exactly the kind of sophisticated experience they're looking for. The admissions committee understands that two years at a major firm often provides more comprehensive exposure than three years elsewhere. Even though I chose differently, I have tremendous respect for NYU's program and know several graduates who've had excellent career outcomes. The NYC location really is a huge advantage for building the professional network that can accelerate your career in tax.

This thread has been incredibly helpful! I'm dealing with a similar situation but with an added wrinkle - my family LLC has been making distributions to partners even during loss years, which I think has been reducing my basis below the loss amounts. From what I'm reading here, it sounds like I need to track two separate things: the passive activity loss carryforwards (Form 8582) AND my basis limitations from the partnership. Can someone clarify - if my basis went to zero in say 2015 due to distributions exceeding my share of income, does that mean I can't claim ANY of the passive losses from 2016 onward until I restore my basis? Also, when people mention getting documentation from a tax professional, what's a reasonable cost range for having someone reconstruct 15-20 years of this analysis? I'm trying to decide if it's worth pursuing or if the accumulated losses might not be as valuable as I initially thought due to the basis limitations.

This thread is incredibly thorough - thank you everyone for sharing your experiences! I'm in a similar boat with a family LLC that's had losses for years, and I never realized I should have been tracking these on Form 8582. One thing I want to add for anyone else reading this: make sure you understand the "material participation" aspect too. Even if you think you're not materially participating in the LLC activities, the IRS has specific tests for this. If you accidentally qualify as a material participant in some years, those losses wouldn't be subject to passive activity limitations and the carryforward calculations get more complicated. I learned this when reviewing my situation - there were a couple years where I spent significant time helping with property management that might have pushed me over the material participation threshold. This means some of my losses might not have been passive losses at all, which affects both the Form 8582 carryforward amounts and how much I can actually claim. Has anyone else run into this material participation complication when reconstructing their passive loss history? I'm wondering if it's worth the extra complexity to analyze each year individually or if most people just treat all LLC losses as passive for simplicity.

You've gotten good advice about the gift tax exemption for education, but don't forget to look into potential education tax credits too! If your relative is claiming you as a dependent, they might be eligible for the American Opportunity Credit or Lifetime Learning Credit based on the tuition they're paying. If you're not a dependent, YOU might be able to claim those credits yourself, even though someone else paid your tuition. The tax benefits could be worth thousands!

Just wanted to add another perspective here - I'm a tax preparer and see this situation all the time. Everything mentioned about direct tuition payments being exempt from gift tax is absolutely correct, but I always remind clients to be specific about what qualifies. The exemption applies to "qualified tuition" which includes tuition and fees required for enrollment, but NOT room and board, books, supplies, or equipment (unless they're required fees paid directly to the school). Also, since you mentioned your relative gave you $18k for investments, they're still under the $20k annual exclusion limit for 2025, so no gift tax issues there either. But if they plan to give you more money throughout the year for other purposes, just keep track so you don't accidentally go over that threshold. The tuition payment won't count toward it at all though! Your relative sounds incredibly generous - just make sure you both understand exactly what expenses qualify for the unlimited education exemption versus what counts toward the annual gift limit.

Does anyone know if the payment voucher changes each year? I found one in some old tax papers but I'm not sure if I can use it for this year's taxes.

Great question! I went through this exact same confusion a few years ago when I had to mail in my return. Yes, you definitely need Form 1040-V (the payment voucher) when sending a check with your tax return. Think of it as a "routing slip" that tells the IRS exactly where to apply your payment. The voucher is pretty straightforward - it's just a one-page form where you fill in your name, address, SSN, the tax year, and payment amount. It creates a paper trail so your payment gets credited to the right account and tax year. Without it, your check might sit in limbo while they try to figure out what it's for. Pro tip: Make sure you're using the current year's Form 1040-V (not an old one from previous years) and double-check that all the info matches exactly what's on your tax return. The IRS can be picky about consistency!

Dont forget that u still have to pay regular income tax on any IRA withdrawl even if u avoid the 10% penaltly! this hit me hard last yr when i did this for my kids college. my tax bill was WAY bigger than i expected!!

Great advice from everyone here! Just want to emphasize one more important point - make sure you understand the timing requirements. The IRA withdrawal needs to be made in the same tax year that you pay the qualified education expenses, OR in the year immediately before or after. So if you're paying tuition for the spring 2025 semester, you could make the withdrawal in 2024, 2025, or 2026. This timing flexibility can be really helpful for tax planning, especially if you want to spread the income tax impact across multiple years like Fatima mentioned. Also keep detailed records of all qualified expenses and your withdrawal - the IRS may ask for documentation if they review your return.