Can I deduct my son's college tuition?

Yes, you may be able to deduct your son's college tuition expenses under certain circumstances. The most common way to claim this deduction is through the American Opportunity Credit or the Lifetime Learning Credit. The American Opportunity Credit allows you to claim a tax credit of up to $2,500 per eligible student for the first four years of post-secondary education. To qualify, your son must be enrolled at least half-time in a degree or certificate program. The Lifetime Learning Credit provides a tax credit of up to $2,000 per tax return, regardless of the number of students. This credit can be used for undergraduate, graduate, or professional degree courses, as well as courses to acquire or improve job skills. Alternatively, you may be eligible to deduct qualified education expenses as a business expense if you are self-employed and the education is related to your business. It's important to note that you generally cannot claim both the American Opportunity Credit and the Lifetime Learning Credit for the same student in the same year. Additionally, income limits and other restrictions may apply, so it's advisable to consult with a tax professional or refer to IRS publications for specific details.

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