Am I Required To Include My Discharged Student Loan In My Taxable Income?

mwalkerwade Posted in Education Expenses, Taxable Income, Taxpayer AdvocateTagged 1 Comment on Am I Required To Include My Discharged Student Loan In My Taxable Income?

Usually… Yes.  However, let’s see what the IRS has to say right now on this subject. I will highlight a few points below; but, you’ll have to read the Forbes article IRS Issues Tax Guidance On Discharged Student Loans (Jan 15, 2020) for the details. You should not report the amount of the discharged loan […]

What Are ‘Qualified Education Expenses’ for Income Tax Purposes

mwalkerwade Posted in 2014, 2015, dependent, Education Expenses, Income TaxLeave a Comment on What Are ‘Qualified Education Expenses’ for Income Tax Purposes

Once you’ve chosen a school, your qualified education expenses (registration, tuition, books & supplies, and in some cases, activity fees) are generally tax advantageous unless those expenses were offset by a scholarship or grant of some kind. The two most applicable education credit options are the American Opportunity Credit and the Lifetime Learning Credit. There is also […]