Submitted By: Armand
Answered: June 22, 2015 8:57 am

Are college room and board deductible?

Generally no (and they are not qualified expenses for purposes of the American opportunity or lifetime learning credits). If the education is for business, you may be able to treat the cost of room and board (along with tuition and fees, travel, and other related costs) as a business expense. To be considered a business expense, you must:

  • Already meet the minimum standards for the job
  • Not be unemployed—just taking temporary leave for education
  • Take the courses merely maintain or improve your skills
  • Not be qualified as a result of the courses to pursue a new profession
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Tax Glossary

Standard deduction

A fixed deduction allowed to taxpayers who do not itemize deductions. The amount depends on filing status, age, and blindness.

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