Education tax breaks can be lucrative.
October 18, 2017
Education tax breaks can be lucrative. However, in one case, the IRS denied a married couple several write-offs, one of which was the education-related American Opportunity Tax Credit (AOTC). In this complex case, the husband claimed to have taken various financial education courses, yet offered no records of tuition or other school expenses. Without proof, the couple was not entitled to the AOTC (TC Memo 2017-186). On its website, the IRS reminds parents and students of the various tax credits available for substantiated education costs: http://bit.ly/2xMp5oF