Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-29-2009, 05:30 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
What are qualified education expenses?

Generally the IRS has stated that "qualified education expenses" are amounts paid in 2009 for tuition and fees required for the student’s enrollment or attendance at an eligible educational institution. Thus, according to the IRS, it does not matter whether the expenses were paid in cash, by check, by credit card, or with borrowed funds.

The IRS does not consider the following expenses as qualified education expenses;

1. Room and board, insurance, medical expenses (including student health fees), transportation, or other similar personal, living, or family expenses.

2. Course-related books, supplies, equipment, and nonacademic activities, except for fees and expenses required to be paid to the institution as a condition of enrollment or attendance.

3. Any course or other education involving sports, games, or hobbies, or any noncredit course, unless such course or other education is part of the student’s degree program.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Section 529 Qualified Higher Educational Expenses Dadianio Education Planning 2 04-30-2009 04:11 PM
S-Corp and Education/Training Expenses robnjusa S-Corporation 1 12-23-2008 02:25 AM
Which Taxpayers are qualified to take a Home Office Deduction? TaxGuru Miscellaneous 0 07-14-2008 01:11 PM
What is the Deduction Limit for Qualified Conservation Contributions? TaxGuru Itemized Deductions 0 07-09-2008 11:39 AM
2007 Changes to Qualified Transportation Fringe Benefit TaxGuru Miscellaneous 0 12-01-2007 11:00 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning