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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
Home equity debt
Debt secured by a principal residence or second home to the extent of the excess of fair market value over acquisition debt. An interest deduction is generally allowed for home equity debt up to $100,000 ($50,000 if married filing separately).
