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#2
07-25-2003, 09:23 AM
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 Re: Self-employed business and scholarship ebuban[at]yahoo.com (E) wrote: - quote - > As a self-employed person, I assume that the IRS won't allow
There are three ways I know of to do this, but none of them> me to 1) give my own child a scholarship and 2) write it off > as a business expense. But where do I find the rules about > this? sounds like what you are after. One is for your daughter to be your employee, and her education to be work-related. Then it's a business expense for you and a working-condition fringe benefit for her. If she's your employee, but her education isn't work related, you can set up a qualified educational assistance plan, a "Section 127" plan. This has strict nondiscrimination rules that make it difficult to benefit dependents. The last is for you to be a bona fide institution of higher education. Tuition breaks for dependents are an important fringe benefit at many universities. But it sounds like you are trying to color her tuition, which is a personal expense, as a business expense, and that's simply out of the question. -- Chris Green << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
07-25-2003, 09:04 AM
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| Re: Self-employed business and scholarship buban[at]yahoo.com (E) wrote: - quote - > As a self-employed person, I assume that the IRS won't allow
Off the top of my head, I would say IRC Sec. 262 precludes> me to 1) give my own child a scholarship and 2) write it off > as a business expense. But where do I find the rules about > this? the deduction as a personal, living or family expense. Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-25-2003, 02:08 AM
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| Re: Self-employed business and scholarship "E" <ebuban[at]yahoo.com> wrote: - quote - > As a self-employed person, I assume that the IRS won't allow
You can't give ANYONE a scholarship and write it off as a> me to 1) give my own child a scholarship and 2) write it off > as a business expense. But where do I find the rules about > this? business expense unless they are a bona fide employee. -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-24-2003, 05:45 PM
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| Self-employed business and scholarship As a self-employed person, I assume that the IRS won't allow me to 1) give my own child a scholarship and 2) write it off as a business expense. But where do I find the rules about this? Thanks. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| business, scholarship, selfemployed |
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