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dear all,
I have a few questions regarding to tax issues and tuition.
I have studied the IRS documents, but my understanding freom these documents seems differ from what some people told me.
-- if the taxpayer's spouse enrolled in 2 DIDFFERENT AND NON-RELATED eligible institutions full time for the same tax year, could the couple request for BOTH life learning credit and tuition and fee deduction on education received from these 2 different educational institute?
--- is it true that a " eligible student loan" ( for interest deduction purpose) doesn't have to be a " student loan" ? as long as this loan is used for paying " eligible education expenses", it is considered as " eligible student loan" and therefore, its interests are deductile?
-- a sum of money ( especially from foreign sources) given to a taxpayer's spouse ( file joint tax return) for education purpose is considered a gift. If this money is paid directly to school, the couple doesn't need to declare the gift. What if the couple takes an " education loan" and the gift is used for paying for the loan ?
do they have to declare the money then? is ther any tax obligation on this gift? any limit in terms of amount of gift?
please do not recommend me to call IRS now, it is their busy time!!!
I have a few questions regarding to tax issues and tuition.
I have studied the IRS documents, but my understanding freom these documents seems differ from what some people told me.
-- if the taxpayer's spouse enrolled in 2 DIDFFERENT AND NON-RELATED eligible institutions full time for the same tax year, could the couple request for BOTH life learning credit and tuition and fee deduction on education received from these 2 different educational institute?
--- is it true that a " eligible student loan" ( for interest deduction purpose) doesn't have to be a " student loan" ? as long as this loan is used for paying " eligible education expenses", it is considered as " eligible student loan" and therefore, its interests are deductile?
-- a sum of money ( especially from foreign sources) given to a taxpayer's spouse ( file joint tax return) for education purpose is considered a gift. If this money is paid directly to school, the couple doesn't need to declare the gift. What if the couple takes an " education loan" and the gift is used for paying for the loan ?
do they have to declare the money then? is ther any tax obligation on this gift? any limit in terms of amount of gift?
please do not recommend me to call IRS now, it is their busy time!!!