Are there any Tax Deductions for Private school?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I hope not.

Why not? It doesn't seem fair to pay taxes for school and pay for private school.

Tough shit. Private school is a choice for a privileged few. Quit your entitled whining. It's embarrassing.

Says the person who writes off 3 martini lunches.

I believe only 1.5 of the martinis are deductible. Drives me nuts because my business travel is all drudgery yet meals are only 50% deductible.

[Anonymous]

Anonymous wrote:
I believe only 1.5 of the martinis are deductible. Drives me nuts because my business travel is all drudgery yet meals are only 50% deductible.

The first 1.5 martinis, or the last 1.5 martinis?

[Anonymous]

How about mortgage interest on a 5 million dollar house, what is the cap on that?

[Anonymous]

Anonymous wrote:How about mortgage interest on a 5 million dollar house, what is the cap on that?

$1M max

[Anonymous]

Anonymous wrote:Why can you deduct college tuition and not k-12?

I don't get it.

You can't deduct your kids' college tuition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Private school is a luxury. You don't get tax breaks for luxuries.

Well, that is not entirely true. Remember when everyone was writing off their big SUVs?

But only they could justify the SUV as a business expense. That would be tougher to do for private school. In any case, I remember that well for the same reason you do: because it was laughable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How about mortgage interest on a 5 million dollar house, what is the cap on that?

$1M max

Wow, that is so repressive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why can you deduct college tuition and not k-12?

I don't get it.

You can't deduct your kids' college tuition.

Maybe that person, who seems a little ignorant, is confusing college tuition with tax-preferred college savings plans like 529 plans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:How about mortgage interest on a 5 million dollar house, what is the cap on that?

$1M max

Can you still deduct the mortgage on your second home, or did they shut that down? Maybe OP has a second home and knows the answer to this question.

[Anonymous]

OP, stop whining. The mortgage interest deduction is a HUGE benefit for people in the middle and upper classes. In fact, your more expensive home in a good school district gets more tax breaks.

[Anonymous]

Anonymous wrote:Why can you deduct college tuition and not k-12?

I don't get it.

Public schools already provides free K-12 educations with Tax $.

[Anonymous]

Anonymous wrote:Why can you deduct college tuition and not k-12?

I don't get it.

How do you deduct college tuition?!

[Anonymous]

Anonymous wrote:OP, stop whining. The mortgage interest deduction is a HUGE benefit for people in the middle and upper classes. In fact, your more expensive home in a good school district gets more tax breaks.

It's actually not because of the limit and then itemized deductions get phased out above a certain income. You needn't worry your envious little head, the "rich" are getting screwed really well.

[Anonymous]

The top 1% (those with taxable income above $350k) pay 36% of federal income tax.

http://www.ntu.org/tax-basics/who-pays-income-taxes.html

[Anonymous]

Anonymous wrote:The top 1% (those with taxable income above $350k) pay 36% of federal income tax.
http://www.ntu.org/tax-basics/who-pays-income-taxes.html

I part of that top 1%. Trust me, we can afford it.