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How can I make a gift a tax deduction?

Discussion in 'Asset Protection/Taxes/Legal' started by LarryG, Jan 10, 2008.

  1. LarryG
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    LarryG New Contributor Read Millionaire Fastlane

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    I am putting together a cruise and review course for new graduate nurses. I know that as a graduate nurse the payment for a review course after school is a tax deduction since it is a related expense to the students future occupation.
    My question is this; on a value added review at sea (same review packaged as a cruise), how can I sell graduation gift certificates to third parties and still encourage some type of tax break to the spouse or parents purchasing the course? Any help is appreciated.:thankyousign:
     
  2. Diane Kennedy
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    Diane Kennedy Bronze Contributor

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    I want to acknowledge the question...and let you know that I'm stumped.

    Here's the issue I'm running into: The person paying is the one eligible for the tax deduction (if there was one). So, the education deduction for the gift recipient is deductible, but because they didn't pay, there is no deduction.

    You need two things: deductibility because of expense type (in this case education) and payment.

    So, I'm stuck.....
     
  3. LarryG
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    LarryG New Contributor Read Millionaire Fastlane

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    First of all, thank you for the reply.
    The nitch I am marketing this to is a group of new graduates, but the people financing the vacation/review are in many instances will be their parents or spouse. I am envisioning a "golden ticket" wrapped for a surprise gift to the student, but still would like to have some tax saving marketability to the benefactors.
    Is it best to let the student claim the education expense and make the deduction from their earnings?
     

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