My dependent son attended first year college and the box2 1098T "billed" box was only filled out. $3990. He has a loan on this to pay back over time. As parent TT is giving me the American Opportunity credit . I haven't paid any thing out of pocket but am reaping the credit. ( fine, but want to be sure ) . He can't claim because he's a dependent. So it appears to me this is legit right. ( note even though I don't pay tuition on him , I am paying room, board at my home ( he commutes) his gas, car , insurance etc etc. So I see in a way I should get credit for this. Do you concur?
Note I've read that Loans are equivalent to act of paying--otherwise the credit would be lost if based on cash payments ( i.e. paying princ & Interest for next 7 years after graduation - you can't claim then because your not attending anymore. You see the code and many independent articles are silent on this point and just focus on "paid,paid,paid" . Don't comment on the parent getting the credit and don't comment on the fact that a loan was used which is the majority of how college is paid for.) Thank you in advance for any input.
