Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 271 August 13, 2004
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 6, Issue 271 August 13, 2004 |
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 » From: Santa Monica, CA Dear TaxMama: My 14 year old is taking flight lessons to become a private pilot to continue on to be commercial pilot, prior to finishing high school. Can I benefit from the Lifetime Learning credit? If not is there any other tax law I can use to deduct the cost of the program? Thanks Matt  Hi Matt, What an interesting idea! Here are the rules for the Lifetime Education Credit. Under "Who Can Claim the Credit" - there is no age specified. So, on that score, your son qualifies. However, the school must be an "Eligible educational institution" before you may take the credit, or the education expense deductions for the rest of the costs. So, check with the flying school and see if they are accredited for this purpose. Generally, the school must offer a degree or certification for it be accredited. Look into this more deeply. It's definitely worth the try. Incidentally, if he qualifies for the credit, once you apply the limit of allowable expenses towards the credit, if you've still spent more, use the education expense deduction. That's on page 1 of the Form 1040. Best wishes, Eva Rosenberg Your TaxMama  |
 
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2007 - Eva Rosenberg |
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