Hi, I am researching the Lifetime Learning Credit (LLC) and am a little confused. There are two statements on the IRC website that I'm having trouble reconciling:
- If you pay the expenses with money from a loan, you take the credit for the year you pay the expenses, not the year you get the loan or the year you repay the loan.
- You must pay the qualified education expenses for an academic period that starts during the tax year or the first three months of the next tax year.
If in December 2019 I pay qualified expenses for an academic period beginning January 2020, would I be looking to claim the LLC for TY 2019 or 2020? Thanks!
