Go Back   CDN Business Directory > Main Category > Taxes

 
 
Thread Tools Display Modes
  #6  
Old 03-25-2008, 08:20 PM
Phil Marti
Guest
 
Posts: n/a
Default Re: deducting education costs

<removeps-groups[at]yahoo.com> wrote:

http://www.irs.gov/publications/p502/ar02.html#d0e318
- quote -

> says you can only deduct medical expenses for your dependent (although
> children of divorced or seperated parents are considered dependents of
> both parents for the purpose of this deduction).


You stopped reading too soon. Pub 502 goes on to say that a "dependent" is
either a qualifying child or a qualifying relative. Keep reading to the
section on qualifying relative and you'll learn that for this purpose a
qualifying relative is as previously described.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #5  
Old 03-25-2008, 07:45 PM
removeps-groups@yahoo.com
Guest
 
Posts: n/a
Default Re: deducting education costs

On Mar 24, 2:57 pm, "Paul Thomas, CPA" <paulthomascp...[at]bellsouth.netwrote:

- quote -

> If the person meets all the other criteria, except for the income
> limitations, or they are claimed by the other parent, then any medical
> expenses paid on their behalf would count as medical on your Schedule A.


Where is the above quote from?

http://www.irs.gov/publications/p502/ar02.html#d0e318

says you can only deduct medical expenses for your dependent (although
children of divorced or seperated parents are considered dependents of
both parents for the purpose of this deduction).

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #4  
Old 03-25-2008, 01:55 AM
Jeff
Guest
 
Posts: n/a
Default Re: deducting education costs

Paul Thomas, CPA wrote:
- quote -

> "Jeff" <Willliam[at]naol.com> wrote
> > Paul Thomas, CPA wrote:
> > > "Jeff" <Willliam[at]naol.com> wrote
> > > > In 2007, I paid the college costs of a child who is no longer my
> > > > dependent and has not been my dependent for several years. I
> > > > believe I can still deduct those tuition costs which I paid by
> > > > check directly to the University.
> > > > > > > Is that correct?
> > > > > Nope. It's not deductible tuition, nor is it elgible for any
> > > education tax credits.....for you.
> > > > > The education tax credit stays with the student, so amounts you pay
> > > ~may~ be used by the student, if they file their own returns and
> > > claim themselves.

> > Ah. I must have had it mixed up with medical expenses. I beleive
> > medical expenses are deductible even if paid for a non dependent.
> > Correct?

> If the person meets all the other criteria, except for the income
> limitations, or they are claimed by the other parent, then any medical
> expenses paid on their behalf would count as medical on your Schedule
> A.

Thank you and thank you for taking the time to reply.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #3  
Old 03-24-2008, 08:57 PM
Paul Thomas, CPA
Guest
 
Posts: n/a
Default Re: deducting education costs


"Jeff" <Willliam[at]naol.com> wrote
- quote -

> Paul Thomas, CPA wrote:
> > "Jeff" <Willliam[at]naol.com> wrote
> > > In 2007, I paid the college costs of a child who is no longer my
> > > dependent and has not been my dependent for several years. I
> > > believe I can still deduct those tuition costs which I paid by check
> > > directly to the University.
> > > > > Is that correct?
> > > Nope. It's not deductible tuition, nor is it elgible for any

> > education tax credits.....for you.
> > > The education tax credit stays with the student, so amounts you pay

> > ~may~ be used by the student, if they file their own returns and
> > claim themselves.


> Ah. I must have had it mixed up with medical expenses. I beleive medical
> expenses are deductible even if paid for a non dependent. Correct?






If the person meets all the other criteria, except for the income
limitations, or they are claimed by the other parent, then any medical
expenses paid on their behalf would count as medical on your Schedule A.




--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #2  
Old 03-24-2008, 08:27 PM
Jeff
Guest
 
Posts: n/a
Default Re: deducting education costs

Paul Thomas, CPA wrote:
- quote -

> "Jeff" <Willliam[at]naol.com> wrote
> > In 2007, I paid the college costs of a child who is no longer my
> > dependent and has not been my dependent for several years. I
> > believe I can still deduct those tuition costs which I paid by check
> > directly to the University.
> > > Is that correct?

> Nope. It's not deductible tuition, nor is it elgible for any
> education tax credits.....for you.
> The education tax credit stays with the student, so amounts you pay
> ~may~ be used by the student, if they file their own returns and
> claim themselves.

Ah. I must have had it mixed up with medical expenses. I beleive
medical expenses are deductible even if paid for a non dependent.
Correct?

Jeff

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #1  
Old 03-24-2008, 06:58 PM
Paul Thomas, CPA
Guest
 
Posts: n/a
Default Re: deducting education costs


"Jeff" <Willliam[at]naol.com> wrote
- quote -

> In 2007, I paid the college costs of a child who is no longer my dependent
> and has not been my dependent for several years. I believe I can still
> deduct those tuition costs which I paid by check directly to the
> University.
> Is that correct?







Nope. It's not deductible tuition, nor is it elgible for any education tax
credits.....for you.

The education tax credit stays with the student, so amounts you pay ~may~ be
used by the student, if they file their own returns and claim themselves.





--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 
Old 03-24-2008, 06:40 PM
Phil Marti
Guest
 
Posts: n/a
Default Re: deducting education costs

"Jeff" wrote:

- quote -

> In 2007, I paid the college costs of a child who is no longer my dependent
> and has not been my dependent for several years. I believe I can still
> deduct those tuition costs which I paid by check directly to the
> University.
> Is that correct?


Sorry, no. See IRS Publication 970.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #-1  
Old 03-24-2008, 05:41 PM
Jeff
Guest
 
Posts: n/a
Default deducting education costs

In 2007, I paid the college costs of a child who is no longer my
dependent and has not been my dependent for several years. I believe I
can still deduct those tuition costs which I paid by check directly to
the University.

Is that correct?

Where in the tax forms do I list those paid tuition costs.

Thanks.

Jeff

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 

Tags
costs, deducting, education
Similar Threads
Thread Forum Replies Last Post
Deducting Points
udayr21@gmail.com: I purchased a home in 2006 and paid 2.125 points for the loan. 1.125 points to the lender which appear on 1098 from the lender. 1 point I paid to...
Taxes 3 03-06-2007 09:25 AM
Deducting Rent
sisteve@aol.com: I was reading a finance book and they talked about benefits of renting an Apt. instead of buying a house. They mentioned that rent can be a...
Financial Planning 5 10-16-2005 07:56 PM
Deducting overseas rental costs?
R N: My wife and I are selling eveything in the US and moving to Asia next year. Can we earn a deduction for the cost of the renting that Asian home...
Taxes 3 05-13-2005 05:39 AM
Deducting application fees as Higher Education Expenses
Ted Simon: I will be enrolling in an MBA program starting this year (I am an engineer). I was told that I am not allowed to deduct my application expenses...
Taxes 7 04-15-2004 06:36 AM
Deducting gym fees?
Bill: As a soccer referee, I will be filing a Schedule C this year for the first time (just got my referee license). I'm planning on deducting as...
Taxes 6 08-22-2003 12:49 AM



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

All times are GMT. The time now is 12:12 PM.