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Old 08-17-2008, 06:01 PM
Mark Bole
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Default Re: Accounting for College Expenses - Student paid vs Parent Paid

alalee[at]gmail.com wrote:
- quote -

> I have living expenses, books and tuition that are legitimate college
> expenses for my daughter. I pay for most of these costs directly but
> my daughter pays for some out of her summer earnings.
> My question is: If my daughter pays for her books, can I use that as
> an expense on my tax return? She is my dependent.


Short answer: regular college textbooks are not qualified expenses for
education credits or tuition and fees deduction, unless they can only be
purchased directly from the school and are required to enroll.

Note that living expenses also do not qualify.

But in general, qualified expenses (tuition and mandatory fees) paid by
a dependent of yours are treated as paid by you for credit/deduction
purposes.

IRS Pub 970 has a clear explanation with examples and flowcharts for
most situations.

-Mark Bole

--
<< ------------------------------------------------------- > << 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 08-17-2008, 05:56 PM
Arthur Kamlet
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Posts: n/a
Default Re: Accounting for College Expenses - Student paid vs Parent Paid

In article <a0243ec5-1b1a-491c-a3bc-55dabd3de2aa[at]56g2000hsm.googlegroups.com> ,
<alalee[at]gmail.com> wrote:
- quote -

> I have living expenses, books and tuition that are legitimate college
> expenses for my daughter. I pay for most of these costs directly but
> my daughter pays for some out of her summer earnings.
> My question is: If my daughter pays for her books, can I use that as
> an expense on my tax return? She is my dependent.


You might be able to claim an Education credit (See IRS Publication 970)
for the tuition and fees you pay for your dependent daughter.

Books, unless required by the college and billed on their college
invoice -- not very common -- are not allowed for the credit.

If you are using a 529 plan write back as the answer might change.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- > << 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 08-17-2008, 05:47 PM
alalee@gmail.com
Guest
 
Posts: n/a
Default Accounting for College Expenses - Student paid vs Parent Paid

I have living expenses, books and tuition that are legitimate college
expenses for my daughter. I pay for most of these costs directly but
my daughter pays for some out of her summer earnings.

My question is: If my daughter pays for her books, can I use that as
an expense on my tax return? She is my dependent.

--
<< ------------------------------------------------------- > << 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
accounting, college, expenses, paid, parent, student
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