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vspragg
New Member

I pay for my rent for school with scholarship money I receive where do i deduct that?

 
1 Reply
JaimeG
New Member

I pay for my rent for school with scholarship money I receive where do i deduct that?

Room and Board that is paid with Grants or Scholarships is actually Taxable Income, it is not a Qualified Education Expenses for these purposes, thus it is not deductible. 

A scholarship or fellowship grant is tax free only to the extent:

  • It doesn't exceed your qualified education expenses;

  • It isn't designated or earmarked for other purposes (such as room and board), and doesn't require (by its terms) that it can't be used for qualified education expenses; and

  • It doesn't represent payment for teaching, research, or other services required as a condition for receiving the scholarship. For exceptions, see Payment for services, later.
    https://www.irs.gov/publications/p970/ch01.html

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