Can credit card statements be accepted as receipt for qualified 529 college expenses?

[BK2000]

If an auditor requests to review the receipts for qualified college expenses such as food, groceries, books & supplies, etc. in order to reconcile against the qualified 529 distributions, would credit card statements be an acceptable form of receipt? (items properly marked of course)

I can imagine the argument that a line item in a credit card statement is subject to interpretation of what the purchased item really is and therefore is not a substitute for the real receipt.  e.g. A Target purchase can be food, clothing or both - no way to tell from the credit card statement.

Planning for next college year when the student is moving off campus. There are many challenges with forgetting to get receipts for items such as snacks, lunch, shared grocery expenses, etc. yet there is evidence if paid via CC or Venmo which is always the case.  These daily purchases can add up. (I know the qualified expenses cannot exceed that of the college's cost of room & board). If anyone has experience in this area, appreciate your alternative suggestions.
TIA

[DavidD66 · Accepted solution]

A credit card statement alone would not meet the IRS’s strict documentation requirements. In an audit, the IRS would want to see proof of what was paid for.  That is not to say definitively that an IRS examiner would not accept it.  A student has to eat, so claiming a reasonable amount that is within the school's published costs for room and board is probably not going to be questioned. You could have the student register for accounts like Target's Red Circle, grocery store discount clubs etc. and then receipts are kept electronically as long as student enters associated phone number at purchase.

[Hal_Al · Accepted solution]

It's unlikely to be an issue.  Off campus rent and food are eligible expenses for a 529 distribution, but the amount is limited to the lesser of your actual cost or what the school charges on campus students for R&B (technically the schools "allowance for cost of attendance" for financial aid purposes). The IRS will most likely accept the school's number.

https://www.glassjacobson.com/blog/529-off-campus-housing/  Excellent off campus explanation