If I used a savings bond to buy a laptop for college, would I be taxed on it? Or is it an educational expense?
I have ,350 in Savings Bonds from long ago. If I used some of it to buy a laptop for college, would I be taxed on it later in the year? Or does it fall under the category of an "Educational Expense"?
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The rules pertaining to a savings bond used for "educational" expenses only apply if the savings bond was purchased by someone who was at least 21 years old at the time and several other requirements are met. If you were a child when the bond was purchased, then you will be taxed on the earnings, even if you use it for educational expenses.
The interest from the bond is taxable income, period. Whether the laptop qualifies as a deductible educational expense is a separate question.
nope, you will be taxed on the interest the bond accrued
you can use the Hope or Lifetime Credit or the new expanded version which is a bit more broad for educational expenses