This seems almost too easy.......I plug my info in to TurboTax as far as what I paid for books and such, and my refund goes thru the roof. I am estimating the book cost, however, and that makes me nervous. Will they ever ask for receipts? Any info on the Lifetime Education credit would be appreciated. Thanks!
2007-02-25 05:22:38 · 3 answers · asked by Katiecat 5 in Business & Finance ➔ Taxes ➔ United States
Books are usually not deductible for the Lifetime learning credit. Tuition and fees are. Books and supplies are only eligible if you are required to buy them FROM THE SCHOOL, as a condition of enrolling in or attending the course. Items bought from the school book store aren't eligible. See chapter 35, Education Credits, in IRS Publication 17 for confirmation of this.
Read that chapter for more info on the Lifetime Learning Credit.
2007-02-25 05:33:16 · answer #1 · answered by Judy 7 · 1⤊ 1⤋
Unless you paid the school directly for the books, they don't qualify. Qualified expenses include tuition, lab fees, student activity fees.
2007-02-25 11:09:25 · answer #2 · answered by anr 3 · 0⤊ 0⤋
I believe that books can only be used with the LEC if the college you are going to requires that you buy the books from their book store.
BTW they will ask for reciepts if you are audited.
2007-02-25 05:28:31 · answer #3 · answered by Jace 4 · 0⤊ 1⤋