Helping with college tuition
My grandson is now in his first year of college. He did not qualify for any federal help but did get some money from a couple of smaller sources. Is there any tax advantage for me to contribute to his tuition? One of my graduation gifts to him was to pay for his books which really hasn’t happened yet as his parents say that he really doesn’t have that many.
Terry Says
Pay his tuition directly to the college or university bursar’s office. Any amount you want. It doesn’t even count against your annual $18,000 gift tax exclusion. This is a great gift to him and his parents!
