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
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 […]