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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 37842
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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My wife and I are fully retired in our mid-sixties and wish

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My wife and I are fully retired in our mid-sixties and wish to pay up to $5000 a year per child towards the costs of post-secondary or tertiary education for 10 nieces, nephews, and great-nieces/nephews. None of the children live with us, and we don't contribute anything towards their upkeep/care that would qualify them as our dependents.

Given the relationships, are there any tax credits, deductions, or other tax related advantages available to us?

Thanks for your help,

Wayne
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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Although your nieces and nephews are very fortunate to have such a generous aunt and uncle, unfortunately there are no tax breaks that you can receive for making these gifts to them. You can only get deductions for gifts if they are made to nonprofit 501c charitable organizations. Gifts given to family don't qualify for any deductions or credits but would be entirely tax free to the recipients as well as not incurring any gift tax on you since it would be under the $14K annual exclusion limit.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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