Yes, if it meets the qualifying education requirements for the Lifetime Learning Credit (LLC) or if it is for use in your business or rental activity.
The maximum LLC you can claim in a year is 20% of the first $10,000 of qualified education expenses you paid for all eligible students (or up to $2,000).
- Taxpayers who meet the following requirements are eligible to claim the Lifetime Learning Tax Credit: The taxpayer's annual modified adjusted income in 2021 is $69,000 or less ($138,000 if married filing jointly). The credit phases out for taxpayers with income between $59,000 and $69,000 ($118,000 and $138,000).
To enter this information in your tax return use the following steps:
- Search (upper right) education > Jump to ... Link > begin to follow the screen prompts
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