Last year I sold my home and made a profit and I'm now a full time student and hope to be until I graduate many years from now. Soon the income from selling my home will run out and I will be living off of student loans and grants. While growing up I always heard to save receipts for tax season. Do I really save ALL receipts or just tuition receipts or do I include book receipts or what? Is saving receipts no longer useful?
Please inform.
Thank you.
2007-02-21 06:59:15 · 4 answers · asked by melissa13182 3 in Business & Finance ➔ Taxes ➔ United States
Doesn't sound like you'll probably be itemizing, so that cuts down on the receipts you'd need to save, like for charitable donations and medical bills.
The school will send you a form saying what eligible tuition you paid that you can take an education credit for, but it wouldn't hurt to save tuition receipts. Books and supplies, no, they wouldn't be deductible except under rare circumstances.
Definitely don't save all receipts - the IRS doesn't care about the pizza you had last night, the new socks you're wearing, or the DVD you bought, or what your electric bill is.
2007-02-21 07:07:01 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
SAVE ALL RECEIPTS: When you need a receipt and you have it, the problems in life disappear like water vapors. When you don't have receipts, it is like someone sticking a chainsaw in your ear. SAVE RECEIPTS FOR (10) TEN YEARS.
Make sure that you group and date them as you go.
2007-02-21 07:06:30 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
ALL RECEIPTS FOR 2 YEARS
2007-02-21 07:05:13 · answer #3 · answered by shannonlee05@sbcglobal.net 6 · 0⤊ 0⤋
save all reciepts for 2 years
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2007-02-22 08:31:40 · answer #4 · answered by ellen h 2 · 0⤊ 0⤋