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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
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
