Thursday, March 24, 2011

Charitable to whom?

Q.  Last year I donated $10,000 to the University my grandson attends to help with his tuition. This can be deducted as a charitable donation, right? CJ, North Dakota

A.  Well, you were indeed charitable to your grandson, but not to the University as you specified your donation as tuition. The gift you made to your grandson has no income tax implications. Sorry!

No comments:

Post a Comment