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Submitted By: Rebecca
Answered: February 26, 2016 10:59 am
Answered: February 26, 2016 10:59 am
If I pay the tuition for my grandchild to attend private high school, is it tax deductible?
The payment of pre-college tuition is not tax deductible. However, if you pay the tuition directly to the school, the payment is not subject to gift tax, regardless of the cost of tuition.
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Tax Glossary
Capital loss carryover
A capital loss that is not deductible because it exceeds the annual $3,000 capital loss ceiling. A carryover loss may be deducted from capital gains of later years plus up to $3,000 of ordinary income.
