Deductions, I need more deductions Texas

[atx]

What is the name of your state? Texas

I am a single parent (claiming hoh) and I have one son who is in his freshman year of college.

My questions are:
1. Can I claim a tax credit with the Hope Scholarship and the Lifetime Learning credit? If so, what is the salary limit for claiming the credit (head of household)?

2. I was told that you can claim your job searching expenses. Is this true? If so, what kind of items can I claim? I really don't have any receipts.

3. Also, how do I go about claiming an investment loss?

Thank you

 

[abezon]

1. You can claim a hope credit or lifetime learning credit for each student. You cannot claim both credits for one student. For HH, the credits start to phase out at $42,000 AGI. If your income is too high, you might be able to claim a tuition & fees deduction.

2. Job search expenses include travel to interviews, long-distance calls, resumes, headhunter fees, etc. Clothes are not deductible. Job search expenses are deducted on schedule A as misc. deductions subject to 2% AGI minimum.

3. An investment loss is claimed on schedule D when you sell the investment or it is declared worthless. You cannot claim a loss for something that has just gone down in value. Losses are limited to $3000/year with excess carried forward.

 

[atx]

Thank you VERY MUCH abezon. That's exactly what I needed to know!