American Opportunity Tax Credit

[Jesse]

The Hope Credit is now renamed the American Opportunity Tax Credit which applies to the first 4 years of post-secondary education. So I understand this to mean this credit will be allowed to be taken for all 4 years, not just 2 out of the 4, correct?

And now for all these years for all our clients that we said no books, no books, no books we need to ask what did you pay for books!

And is it just textbooks or is it notebooks, binders and of course the blackberry that is needed so the kids can email their teachers(sarcastic smile and roll of the eyes)!

[erchess]

Books

has always referred to required texts lab manuals and so on and not to include say a binder in which the person keeps handouts notes from lectures and other important papers.

As for the electronics I would deduct only if specifically required of the student by the school. It would really help me feel better if the equipment were bought through the school. Still I do remember reading of one school that required every student to have a cell phone but it could be any cell phone. All students and faculty had the cell phone numbers of everyone else and there were essentially no landline phones on campus and to make matters worse somehow your cell phone was what got you into buildings. For a student at that school I would have claimed the cost of any cell phone.

[Jesse]

But erchess did you read the new American Opportunity Tax Credit update. It now includes tuition, fees, and course materials - which includes books.