Thursday, December 29, 2011

I thought textbooks were tax deductible, however the TaxCut proam says that it is not. What to do?

This is what the TaxCut Software says:





In addition, these expenses are not considered qualifying tuition expenses:





Amounts paid for books, supplies, equipment, or nonacademic activities, except for fees required to be paid to the school as a condition of enrollment





This is straight from the software. Is there somewhere else I should be deducting textbooks? Those things are expensive, and would love to deduct them!|||Textbooks are NOT deductable.





From publication 970:





Example 2.





Donna and Charles, both first-year students at College W, are required to have certain books and other reading materials to use in their mandatory first-year classes. The college has no policy about how students should obtain these materials, but any student who purchases them from College W's bookstore will receive a bill directly from the college. Charles bought his books from a friend, so what he paid for them is not a qualified education expense. Donna bought hers at College W's bookstore. Although Donna paid College W directly for her first-year books and materials, her payment is not a qualified expense because the books and materials are not required to be purchased from College W for enrollment or attendance at the institution.|||I would buy used at GreenTextbooks.com - Saving the Planet One Textbook at a Time


GreenTextbooks.com is your online leader for finding used textbooks, DVDs, CDs. With GreenTextbooks.com you're not only saving trees, you are saving some green.


http://www.GreenTextbooks.com

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|||As the mom of a college student that used the HOPE tax credit, books and supplies are not deductable or usable as tax credits, only tuition (what was on your 1098).|||TaxCut is correct, those are not deductible.|||textbooks are not deductible.

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