Should I keep all records of my room and board expenses if those expenses are lower than the one on the college cost of Attendance. The University has a room and board expenses $13179 for 3 terms or $4393 for term. I am living off the campus (renting a house with 2 classmates). My rent, utilities and food expenses are about $4100 for term. It is my understanding that IRS won't ask about receipts if I withdraw less than cost of room and board as listed under college cost of attendance. Is it true?
It is hard to keep all records since I have shared expenses with my roommates such as food, utilities, grocery shopping when one of us paying for the whole purchase and 2 of us "reimburse" it
