Out Of Pocket Deductible
September 30th, 2009
Question: If i paid for my college, is it tax deductible?
I started going back to college last august and paid for the entire semester and books as well. I am twenty and I was wondering if paying for school out of my pocket was tax deductible?
Answer: It depends. Are you eligible to claim yourself on your tax return, or are your parents eligible?
Did you go to school full time?
If you were full time this fall then your parents would most likely be able to claim you on their tax return. This would mean that you would most likely not be able to claim your education expenses, as you would be a dependent.
Shannon Coley – H&R Block – Senior Tax Advisor 5
** This advice was prepared based on my understanding of the tax law in effect at the time it was written as it applies to the facts you provided. Click on my profile to read more.
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