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Submitted By: Chuck
Answered: December 16, 2016 1:00 pm
Answered: December 16, 2016 1:00 pm
My daughter is graduating from college in May 2017. I paid her tuition. Can I let her claim the lifetime learning credit?
Yes. If your income is too high to allow you to benefit from the credit, you can let your child use it. To do this, you must forego the dependency exemption you would otherwise have claimed for her.
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Tax Glossary
Capital gain or loss
The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.
