I think I've got the Hope Scholarship figured out--I can take 100% of the
first $1000 of tuition I pay for my son, and 50% of the second $1000 of
tuition. I can take this credit on my taxes for the first two years he's
in
college (full time student, etc.). It just dawned on me, though, that the
tax year doesn't align with the school year. So, I'd be able to get the
full
$1500 credit this year for just his fall semester, then the same next year
for the spring and fall semesters that fall in the 2008 tax year. Is that
true?
So, after that, I've used up the two years max I can take the Hope
Scholarship credit for him, and then start taking the LLC? Or is there
something else?
Also, are the tuition and room/board deductible on our taxes? How about
interest on unsubsidized loans (where the interest is payable starting on
day #1 rather than after graduation)? Are there other deductible expenses
for parents paying some of the tuition, room/board, books, etc.?
Is there any influence when son #2 goes to college in son #1's senior
year?
Thanks for your input.
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