Education Question

[Don B]

Parents have a 23 year old son, a senior in college. The son pays all of his tution and fees
with student loans. He works part time and earns about $5000 which he uses to pay for
his transportation, clothing, and misc expenses. His parents pay about $2800 per year
for his housing and meals. His tution is $8200 per year.

Son has been living with his parents all of his life. The parents want to claim him as dependent, and education deductions.

Did the son pay over half of his own support?

Don B

[Mark Goldberg]

fmv of rent

The big number in the parents column if the FMV of rent. If they own the house then this might be a larger number than the actual cost of having him live there. If they rent then it is what it is. So unless you can get the FMV of rent up, along with other support items then they are not legally entitled to claim the kid because he is providing more than 1/2 of his support.

[Don B]

Thanks Mark, that was my thought. The parents do indeed rent an apartment.

Don