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Submitted By: Barbara
Answered: June 15, 2015 8:25 am
Answered: June 15, 2015 8:25 am
I contributed $2,100 for my grandson’s preschool fees. Is this tax deductible?
You cannot deduct the cost of early education. However, the grandchild’s parent may be eligible for a dependent care credit (assuming you gave the funds to the parent who then paid the tuition). Pre-school tuition is a qualified expense for purposes of this tax credit.
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Tax Glossary
Appreciation in value
Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.
