Sunday, March 14, 2010

My husband and I pay for our daughter's college tutition and books? Do we get a tax credit?

Yes, if you claim your daughter as a dependant. Usually the best one is the Hope Credit.

My husband and I pay for our daughter's college tutition and books? Do we get a tax credit?
yes you do and if you provide over half the tutition you can claim your daughter as well
Reply:If she is your dependent, yes you can take the education credit for her expenses.
Reply:i'm almost positive you do, but I would just call a tax place or accountant just to double check that .
Reply:You may take either the tuition deduction or an education credit. You are allowed to take which ever one gives the most tax benefit for your circumstances, but you cannot claim both.





If claiming a credit, the Hope credit is only for the first 2 years of post secondary studies. After that the Lifetime Learning credit can be taken.





In any event, books do not count as qualifying educational expenses for either the deduction or a credit. Books, computers, and other supplies are only qualifying educational expenses if they are required to be purchased from the school as a condition of enrollment. That is rare.

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