Ideas for claiming private school as a tax deduction. | TigerDroppings.com

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tiger114
Auburn Fan
Mobile, AL
Member since Sep 2009
2939 posts

Ideas for claiming private school as a tax deduction.


Can anyone help me with ideas to claim private school tuition as a tax deduction?

I have 3 kids starting private school within the next 2 years. (1 child this year and 2 the following year.) Kindergarten is $6k a child and it quickly gets up to ~$10k child after 2nd-3rd grade. I am looking at $18k/year next year and rising to $30k within the next few years.

Are there any methods to not paying taxes on the tuition?

TIA







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Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
79285 posts

re: Ideas for claiming private school as a tax deduction.


No.

No.







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tiger114
Auburn Fan
Mobile, AL
Member since Sep 2009
2939 posts

re: Ideas for claiming private school as a tax deduction.


You sound like my chicken- shite accountant.

Get creative, man. There has to be a way to do this.






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Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
79285 posts

re: Ideas for claiming private school as a tax deduction.


do you have any overseas bank accounts?





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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22497 posts

re: Ideas for claiming private school as a tax deduction.


quote:

Are there any methods to not paying taxes on the tuition?


Yes. Send them to public school.






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tiger114
Auburn Fan
Mobile, AL
Member since Sep 2009
2939 posts

re: Ideas for claiming private school as a tax deduction.


quote:

do you have any overseas bank accounts?

No.






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tiger114
Auburn Fan
Mobile, AL
Member since Sep 2009
2939 posts

re: Ideas for claiming private school as a tax deduction.


quote:

Yes. Send them to public school.

No can do where I live. Public schools are notoriously awful in Mobile.






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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4482 posts

re: Ideas for claiming private school as a tax deduction.


quote:

Are there any methods to not paying taxes on the tuition?


Cash crops.






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SippyCup
New Orleans Saints Fan
Member since Sep 2008
1254 posts

re: Ideas for claiming private school as a tax deduction.


Move to Louisiana and get the state deduction.





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Queen
LSU Fan
383 miles from Death Valley
Member since Nov 2009
2757 posts

re: Ideas for claiming private school as a tax deduction.


Find a cheaper private school?

I went to Catholic schools K-12. I don't know what tuition was in K-8 but it wasn't that much, because high school was more expensive and it was only $4k a year because we tithed to the church.

Still, non-Catholic students only paid $5k/year.






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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
67622 posts

re: Ideas for claiming private school as a tax deduction.


not gonna happen





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Ray Finkle
LSU Fan
collier county
Member since Sep 2007
890 posts

re: Ideas for claiming private school as a tax deduction.


Just put it as a cash donation on schedule A.





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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
8022 posts

re: Ideas for claiming private school as a tax deduction.


quote:

Move to Louisiana and get the state deduction.


I know this was partially a joke but the OP should seriously consider moving somewhere else.

If tuition only stays the same he's going to shell out $300K in K-12 tuition alone. That's not even counting college for potentially 3 kids.

You have to wonder if living in Mobile is worth it.






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TheOcean
Florida State Fan
Member since Aug 2004
30543 posts

re: Ideas for claiming private school as a tax deduction.


This thread is making me never want to have kids. Holy shit, 300k just for K-12.





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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
8022 posts

re: Ideas for claiming private school as a tax deduction.


quote:

This thread is making me never want to have kids. Holy shit, 300k just for K-12.


It's fine if you live in an area with decent public schools. If you don't, you have to make some pretty tough choices.

I also have 3 kids and paying for private school would be the lowest ranking of my choices. If I were the OP I would look at moving first. If I had to be in mobile for work, I'd look for a suburb within an hour or so that has decent schools and move there. Or maybe consider finding another job elsewhere.






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saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
20983 posts

re: Ideas for claiming private school as a tax deduction.


Honestly, send them to public school until they are in 5th grade. That is when the environment starts to decline. Try to get them into a gifted program if possible.





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reb13
Ole Miss Fan
Oxford, MS
Member since May 2010
9832 posts

re: Ideas for claiming private school as a tax deduction.


quote:

Honestly, send them to public school until they are in 5th grade.


This, they get to be around a lot of diversity for the elementary school and then when it matters they are in a more controlled environment. I wen to private school 7-12 and that was a really nice balance.






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Blakely Bimbo
Alabama Fan
Member since Dec 2010
1067 posts

re: Ideas for claiming private school as a tax deduction.


quote:

No can do where I live. Public schools are notoriously awful in Mobile.


Move to Baldwin County. It's either leave Mobile or pay up.






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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
14976 posts

re: Ideas for claiming private school as a tax deduction.


Start a business. Hire your children. Provide you employees with education fringe benefits that qualify as non-taxable fringe benefits. The total tuition may exceed the limits allowed by law, but the excess would be income to your children, and then you could put money into retirement plans for them and other creative stuff to try and avoid taxes on the income.





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tiger114
Auburn Fan
Mobile, AL
Member since Sep 2009
2939 posts

re: Ideas for claiming private school as a tax deduction.


quote:

Move to Baldwin County. It's either leave Mobile or pay up.

I know. I have debated that. I am paying for private school. I am not sending them to public whether it be Mobile or Baldwin Co.

I just want to know if there is any loophole that I am overlooking on how the tuition can be tax deductible.

Looks like there isn't. Sincerely appreciate the responses.

quote:

Blakely Bimbo


to you my Lower AL friend.



This post was edited on 8/9 at 11:33 pm


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