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Question

Coverdell ESA

Forum|Forum|4 years ago
November 26, 2021
1 reply
0 views

We have an ESA for our 20 year old daughter who is a full time student and a full time job. She is purchasing a condo vs living on campus. Can an ESA distribution be used to help her with the down payment and/or help her with any living ("boarding") costs?

Not A Product Question

Employee

The ESA can not be used for the down payment or mortgage principal payments. It can be used for living expenses. Utilities, mortgage interest, home insurance, property tax would be "room" and food costs would be "board". She can use the ESA to cover actual expenses or the school's "attendance allowance" (basically what the school charges on campus students for room & board), whichever is less.