What are tax deductible as a (college) student?

[axelfox]

Man, if I could write off my colllege books, that would be awesome! Does anyone know if you can write off items used for higher education, such as books and computers?

 

[UG]

Nope. You cannot.

Now, if you were self-employed, and your educational expenses were necessary for keeping professionally competitive: tax-reducing business expense.

Sorry, even your parents can't claim as a deduction their monetary contributions to your tuition, books, housing, etc.

You shouldn't expect all of life to be a free ride. Pay your dues, like (most) everyone else.

 

[axelfox]

So, for instance, I were to run my own business, and need to get a degree in Business Administration to keep my business running, I could write all the school expenses off?

If so, I need to think about a business!

Thanks

Oooh, I just read "professionally competitive"
I guess it leaves that out.

 

[Mday]

you can't write that stuff off.

you can write off your interest though

 

[axelfox]

Like interest on my student loans?

 

[cavingjan]

Yes, college loan interest can be written off. In all honesty though, it wasn't worth me writing it off for the first year that I was able to do so. I just didn't have enough other deductions to beat the standard deduction. Once I had the mortgage to deduct, it became worth it. And even though I came close the first year, it wasn't worth the hassle to save $2 in taxes.

 

[loogie]

I read an article where, if your income was less than 8000 or something. That you were entitled to a full refund. I have since misplaced the article. I'll ask my uncle, he's an accountant and should know. It doesn't really matter right now anyway as I'm a bum living on money earned in a past life.

 

[Dameon]

**REMEMBER THE LIFETIME LEARNING CREDIT**

If you are a college student, you can get %20 Tax Credit for Education expenses up to $5000 for a married couple. Both my wife and are I were still going full time last year and ended up with $1000 tax credit which made our refund much nicer.

Save your book receipts, tuition receipts, etc.
You can use them for this. Check it out.


I belive this also works for singles.. check and see.

 

[axelfox]

Keep me updated! I threw away most of my receipts, thinking that they were not deductible. Doh!

I am a single.

 

[warlord]

loogie,

if you make under $4200 in a year, you get a full refund. in fact, if you made 4200 or less last year, and expect to make either 4200 or less this year, you can set it up so you don't pay taxes. That way you don't wait for your refund. I made a bit more than that last year, and had to pay up, so I don't think 8000 is the right number.

 

[Champo41]

<< If so, I need to think about a business! >>


Hold on, you're willing to get a license, etc... and a possible career change all for not paying off college books? This has got to be the most pathetic attempt at cheating out the government.

Do what you want to do for your life; not because you want to pay off college books.