We were in Alaska last year so most of our curriculum and extracurriculars were covered $ wise by the state. Now we are not there anymore and several people here have differing opinions/ideas on what can and cannot be deducted and HOW. Thoughts? Anyone deduct anything? Under what categories? I know most say talk to your tax advisor but we do not have one here yet and ours in AK is used to no one claiming anything because of it being all paid for. TIA!
I know that you CAN NOT deduct ANYTHING for homeschooling purposes. Only college can be a tax deduction ( to a certain point). Here are 2 articles that might help you , the last one was just recently update and gives WAY MORE info then the 1st one ( and goes into the all the different ways that people MIGHT explain how THEY would deduct homeschooling , but the IRS would say NO) http://www.hslda.org/docs/news/hslda/200203144.asp http://homeschooling.gomilpitas.com/articles/031401.htm
I really did not think so and many near here had said no..........but a few are so was trying to get input from you all! Thank you!
i just covered this topic in my class.... (I am taking a tax preparer course) there are several deductions available for education but none of them apply to homeschooling. College expenses can be taken as one of several deductions or credits. Lifetime learning credit, hope credit, Student loan interesst deduction, tuition and fees deduction are a few of the items. of course they all have their own requirements and it can get confusing at times.... There are times I wish homeschooling expenses were deductible but then again i don't want the gov involved in my homeschool and that would probably happen
