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#1
10-27-2004, 10:41 PM
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 Re: Scholarship for relative "Ron Peterson" <ron[at]shell.core.com> wrote in message news:10nagmf4j2imqdb[at]corp.supernews.com... - quote - > Can I give a scholarship to a relative who isn't a dependent and then
NO, but depending on other circumstances you may be able to help and get a> deduct that amount from my income for tax purposes? > -- > Ron deduction. For example, if you own a business and you provide your employees with an education benefit and your nephew works for you then you can pay $5,250 towards his educational expenses each year and take a deduction for it on your business tax return. Gene E. Utterback, EA |
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10-19-2004, 06:03 PM
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| Re: Scholarship for relative In article <10nagmf4j2imqdb[at]corp.supernews.com> , Ron Peterson <ron[at]shell.core.com> wrote: - quote - > Can I give a scholarship to a relative who isn't a dependent and then
There would have to be a non-profit agency involved in there> deduct that amount from my income for tax purposes? somewhere. Even then, the IRS has been known to revoke the non-profit status of organizations where there has been too much benefit going to members and member's families. The Shriners have been in trouble over this since they give lavish parties in addition to their hospital contributions. The IRS says that too much money goes to entertaining the members, and not enough goes to the hospitals. -john- -- ================================================== ================== John A. Weeks III 952-432-2708 john[at]johnweeks.com Newave Communications http://www.johnweeks.com ================================================== ================== |
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#-1
10-19-2004, 05:37 PM
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| Scholarship for relative Can I give a scholarship to a relative who isn't a dependent and then deduct that amount from my income for tax purposes? -- Ron |
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| relative, scholarship |
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