US Resident, Child planning to study abroad, tax credits and dedections I have a few questions related to my daughter's college education and tax deductions and credits.
we are US permanent residents since 2009. We are planning to admit her in an engineering college in India in June 2013 and there is an annual fee of 7-8k. I am not sure if the college in India fills 1098T for US tax purposes.
1. what is the max credit ( Hope or lifetime) we can claim?
2. is Hope or lifetime credit valid for students studying abroad ?
3. is "writing off $2,500 of student loan interest" valid for students studying abroad?
4. is "writing off $4,000 in higher education expenses (tuition and fees)" valid for students studying abroad?
4. what are the possible ways I can take up now onwards to maximize credit and deductions?
5) do I get any credit or deduction for lodging/boarding/books/laptop?
Thanks in advance.
Last edited by jagadeshwar : 06-14-2012 at 02:12 PM.
Reason: typo
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