She is not my dependent, however, because she cannot find a job to pay her expenses, I have jumped in to pay her monthly expenses, but not tuition. Tuition is paid by financial aid. Should I pay the rent, and other items directly and save the receipts, or, put the money in her checking account and keep track of the deposits. This is going to amount to $1500 this year and about $3000 next year.
I am retired and on SS and Pensions so I would think I can take some deductions.
so, if i understand correctly. if she gets a job, then any expenses SHE can pay for she can claim as college expenses on her tax return.
but until then, any gifts/funds she receives from me or anyone else to pay her monthly living expenses, are NOT deductible on her tax return.
how about one of those college savings plans or is it too late to set up one of those?
thx!
Tax Preparer
MBA, CTEC Registered, CPA Firm Experience with Business and Individual Tax Returns and Issues