Jan 8, 2009 5:52 pm US/Central
ABC's Of Tax Deductions For School Expenses
(WCCO)
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These tax deductions apply to children in public or private school, or those who are home schooled.
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Anyone with school age children know the lists for school supplies keeps getting longer and more expensive. However, any supplies you purchase for your child's school are tax deductible. Even gym shoes for gym class can be written off.
Music lessons, dance lessons and even summer language camps are tax deductible.
Christine Overton didn't realize that her children's piano lessons, which cost her $300 a month, can be written off.
"That's great because its very expensive to be able to have that as a tax deduction is wonderful," Overton said.
Most music, dance, theatre and art classes are deductible. So is tutoring, any enrichment programs, summer activities that are educational in nature and $200 in computer expenses.
However, there is also a list of what is not deductible.
Camps can get complicated. Sports activities and sport camps don't make the cut. At an overnight language camp, for example, the instructional portion of the camp is tax deductible but the lodging and meals are not. So you need to work with the camp to find out their breakdown for instruction.
These tax deductions apply to children in public or private school, or those who are home schooled.
There are no income restrictions, but there are limits to how much you can deduct. There is a $1600 limit for younger children and $2500 for children older than seventh grade.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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