Are parents allowed to write off college money for their student's tuition

[KatieJanelle]

California: Are parents allowed to write off college money for their student's tuition, even though they are loaning it to the student.

In a logical sense, it seems unfair that they get to write it off when they're going to get it back in addition to interest.

My parents are those rich people, who never wanted to help with education and have completely abandoned me.

I'm 22 so I can't claim myself independent. Should I give them the 1098T? Is it legal?

Thank you.

 

[tranquility]

http://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center

Preview eating edit:
If it's truly a loan, no. If they "loan" you enough that you pay more than 1/2 of your total expenses, you may not be a dependent. They should be reporting the interest you give them on their tax return and/or the imputed interest if they are not charging a related party interest.

 

[Mnemosyne]

My parents are those rich people, who never wanted to help with education and have completely abandoned me.

Your parents are loaning you the tuition money? That hardly constitutes "abandonment".

"Help with education" is not necessarily synonymous with "foot the bill". It seems to me that your parents are helping to educate you -- you just don't like the particular life lesson that they are providing.

 

[HomeGuru]

California:

In a logical sense, it seems unfair that they get to write it off when they're going to get it back in addition to interest.

**A: if it is unfair, then do not accept the loan. There is no legal requirement to do so. Or are you telling us that these rich folk should should just gift you the money for free.

#########

My parents are those rich people, who never wanted to help with education and have completely abandoned me.

**A: are you living at home? Are your parents not supporting you or at least helping you out in some way?

#######

I'm 22 so I can't claim myself independent.


**A: huh? What does that mean?

 

[KatieJanelle]

California:

In a logical sense, it seems unfair that they get to write it off when they're going to get it back in addition to interest.

**A: if it is unfair, then do not accept the loan. There is no legal requirement to do so. Or are you telling us that these rich folk should should just gift you the money for free.

#########

My parents are those rich people, who never wanted to help with education and have completely abandoned me.

**A: are you living at home? Are your parents not supporting you or at least helping you out in some way?

#######

I'm 22 so I can't claim myself independent.


**A: huh? What does that mean?

Your parents are loaning you the tuition money? That hardly constitutes "abandonment".

"Help with education" is not necessarily synonymous with "foot the bill". It seems to me that your parents are helping to educate you -- you just don't like the particular life lesson that they are providing.

For the first "A'': I had no other options at the time to do anything else but beg them for a loan, since they make too much money. I do not expect anyone to hand me money, but I also will be the one actually paying the school tuition, so why should they get to write it off?
The second "A": No I'm not living at home. I have an abusive brother who they love more and chose over me. They did nothing about it. So I was forced to move out.
The third "A": If you are under the age of 24, even though you are "dependent" from your parents, they still group you under their income. Which makes it impossible to get scholarships, loans (especially if they won't sign), etc.

I completely do not want them to pay for my school. It was I who went and received the education to better further my life. However, because of how the loan has been handled, I do not wish that they have any extra benefits to which they do not deserve.

 

[HomeGuru]

Oh, I see. The problem is you have ill feelings and a vendetta. Why not accept the situation and move on. Spend time studying rather than fighting.

 

[OHRoadwarrior]

So prove what a responsible adult you are, stop leaching money off them and get a job to pay for it yourself. See, problem solved. Ohhhh, I know, you are appalled by the idea of getting a job. My princess was also, I have her cured now.

 

[LdiJ]

For the first "A'': I had no other options at the time to do anything else but beg them for a loan, since they make too much money. I do not expect anyone to hand me money, but I also will be the one actually paying the school tuition, so why should they get to write it off?
The second "A": No I'm not living at home. I have an abusive brother who they love more and chose over me. They did nothing about it. So I was forced to move out.
The third "A": If you are under the age of 24, even though you are "dependent" from your parents, they still group you under their income. Which makes it impossible to get scholarships, loans (especially if they won't sign), etc.

I completely do not want them to pay for my school. It was I who went and received the education to better further my life. However, because of how the loan has been handled, I do not wish that they have any extra benefits to which they do not deserve.

If your parents really are those "rich people", then its unlikely that they would qualify for any of the education credits or deductions, so its kind of a moot point. However, as long as you are their dependent, they are the only ones entitled to any education credits or deductions.

 

[tranquility]

College is expensive. Is the OP a dependent?

 

[LdiJ]

College is expensive. Is the OP a dependent?

Don't know...hence the "if".

 

[OHRoadwarrior]

In my house, we pay for A's. Sub-par performance is at your own expense. We reserve the right to stop paying at any time we determine your sub-par performance is bad enough you are wasting our money.

 

[ecmst12]

Tuition is due before classes start.

 

[Mnemosyne]

I do not expect anyone to hand me money, but I also will be the one actually paying the school tuition, so why should they get to write it off?

It's their money being used for tuition.

 

[tranquility]

It's their money being used for tuition.

Not if it is a loan to the OP.