2007-04-10 07:30:05 · 12 answers · asked by Zack R 1 in Business & Finance ➔ Taxes ➔ United States
Yes... books, tuition etc....
I did my taxes with turbotax.com and one of the sections were regarding my college expenses.. I had to break down expenses for tuition AND books.
BTW, if you don't have anything difficult to figure out you should go to http://turbotax.intuit.com/taxfreedom/ and do your taxes for free.. Why pay when u can do your own taxes?.. Its self explanatory and it guides you through all the sections allowing you to get different credits, including lifetime education credit, etc.... Ive been doing mine and my mothers for the last two years with no problem.
2007-04-10 07:32:57 · answer #1 · answered by Anonymous · 2⤊ 2⤋
Yes sometimes they can be. I know that my parents can get a tax break since the books are used for school. Ask your parents (or someone in the financial aid department). They maybe able to help you more on this. Good luck!
2016-05-17 04:56:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Usually not. They are only deductible if you are required to buy them from the school as a condition of attending the class - buying them from the school book store doesn't count. This is one of the most misunderstood parts of the education credits, which are for tuition and fees, not books, equipment and supplies that you aren't required to buy from the school to attend the class - when this is required, it's generally shown as a course fee and is then deductible.
2007-04-10 07:53:17 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
No. However, look into the Lifetime Education Credit, the $4000 a year college credit or there is one for about $2000 which I believe is a one time use. Talk to your tax accountant.
2007-04-10 07:32:46 · answer #4 · answered by kny390 6 · 0⤊ 2⤋
Yes they are, as are your classes. Make sure to save the reciepts. You are also entitled to take off anything you purchase that has to do with your major. For example I was a music/performing arts major and as long as I could prove that, all of my guitars, amps, sheet music, cd's etc were tax wright offs. I was even able to take off my tickets to see broadway shows because I was a music/performing arts major and needed to see shows for my classes, make up, costumes all of this adds up to a nice write off. However, there is a limit on what you can claim and there is also a base amount of money you have to spend before you can claim it... so talk to your tax guy and see what he sais you can take off.
2007-04-10 07:42:02 · answer #5 · answered by shadowsthathunt 6 · 0⤊ 1⤋
Usually not.
To be eligible for the tuition deduction or either of the two education credits, the school must require you to purchase the books from them. While most schools have the books available, they do not "require" you to buy them from them so they are not eligible for any tax benefit.
2007-04-10 07:37:01 · answer #6 · answered by Wayne Z 7 · 0⤊ 2⤋
no college materials are not tax deductible my husband and i just filed and he went to college but they said that it was not included. but you can file your tuition on your taxes.
2007-04-10 08:16:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Only if you spell check them.
2007-04-10 08:26:53 · answer #8 · answered by bold4bs 4 · 0⤊ 0⤋
i dont think you have to pay any tax on them when you buy them
2007-04-10 07:32:35 · answer #9 · answered by thatguy 4 · 0⤊ 1⤋
Yes. No matter if you're selling or buying. Unless you're selling it in a garage or something.
2007-04-10 07:32:26 · answer #10 · answered by lost.in.love 4 · 0⤊ 3⤋