College student tax deductions
Varies
Can You Write Off College student tax deductions?
Short answer: Students (or parents) can claim the American Opportunity Credit up to $2,500, the Lifetime Learning Credit, and student loan interest up to $2,500.
Only one family member claims the student's credits. Scholarships used for room and board are taxable.
Records to keep: Keep receipts, statements, and a simple log of business purpose; compare itemizing to the standard deduction each year.
College student tax deductions
Varies
Individuals / Personal Taxes
Students (or parents) can claim the American Opportunity Credit up to $2,500, the Lifetime Learning Credit, and student loan interest up to $2,500.
Business justification
Students (or parents) can claim the American Opportunity Credit up to $2,500, the Lifetime Learning Credit, and student loan interest up to $2,500. Only one family member claims the student's credits. Scholarships used for room and board are taxable.
Category
- Write-Off Guides