No. Room and board is not a deductible expense. It is specifically excluded from being a qualified educational expense. So any money used for room and board is taxable income.
Also, if your son is living at home and is a full time student under age 24, he would be considered your dependent. Are you claiming him? If so, you will both enter the 1098-T on your returns. You for the credit, him for the taxable income. You can claim enough of the tuition and fees to claim the credit and then he will claim the rest of the tuition and fees to decrease the amount of taxable income. See the answer by Champ Hal Al for a detailed explanation on how to maximize your credit and minimize their scholarship income.
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