I want to contribute toward the tuition of a graduate student who is unrelated to me. Is it possible for me to get a tax break of some kind?
Do they have to set up some sort of fund?
2007-04-22 11:04:10 · 3 answers · asked by herycz 2 in Business & Finance ➔ Taxes ➔ United States
No, you would not get any tax break for that. If you wanted to set up a scholarship, then you would get a tax break, or if you were paying for yourself or for your spouse or a dependent then you would possibly get a tax break, but not for someone unrelated to you.
2007-04-22 11:09:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Setting up a fund won't help - you can't deduct the contributions to an education account for an unrelated person. And if you're thinking of calling it a charitable contribution, that's not allowed if it's specified for a particular person.
So no, you're not going to get a tax break for your help.
2007-04-22 11:09:49 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
no deduction is available under these circumstances
2007-04-22 14:37:41 · answer #3 · answered by David K 3 · 0⤊ 0⤋