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When can the cost of textbooks be deducted from gross income for tax reporting purposes?

When can the cost of textbooks be deducted from gross income for tax reporting purposes?

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The cost of textbooks can be deducted from gross income for tax reporting purposes only if the books have been purchased for the course the student is pursuing. As per IRS, this deduction can be availed only if the books have been purchased from the college/institution which the student is going to attend or is attending. No deduction is available if the books are purchased from outside sources even if they are related to the course so pursued. This rule holds true for lifetime learning credit which can be claimed without any limit on the number of years.

For claiming American opportunity credit, the books can be purchased from the college or from outside sources. However, the books must be purchased in connection with the course so attended. This credit is available for a maximum period of 4 tax years.

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