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Itemized Deductions Schedule-A


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Old 03-17-2009, 07:46 PM
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Tuition Deduction

Dilemma. My last year in college was Aug 2007 - May 2008. I paid for both semesters with student loans, with the second semester (Jan - May 2008) payment posting in December 2007. Can I deduct the tuition for the second semester (entirely in 2008) on my 2008 taxes? Thanks.



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Old 03-18-2009, 11:52 AM
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Actually, the IRS would not allow this deduction on the 2008 Tax Year. In fact, the School would send you a 1098-T for the tax year 2007. Thus, it would not be appropriate to claim this amount on the 2008 tax return.

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