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WebCPA, Tax Accountant
Category: Tax
Satisfied Customers: 111
Experience:  Licensed CPA. 10+ years experience.
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I have a daughter in college that lives on campus. I can save

Customer Question

I have a daughter in college that lives on campus. I can save money if we rent a place near the school. Can I still write off her housing costs?
Submitted: 2 years ago.
Category: Tax
Expert:  WebCPA replied 2 years ago.
Greetings,I'm happy to assist you today. When you say "write off her housing costs" are you referring to the American Opportunity Tax Credit?
Expert:  WebCPA replied 2 years ago.
Regarding the American Opportunity Tax Credit - tuition, required enrollment fees, books and other required course materials generally qualify for this credit. Other expenses, such as room and board, do not. Therefore, you are not losing a tax advantage if she decides to rent off campus housing instead of living on campus. I hope this helps and please let me know if you require additional clarification.