Anonymous
Post 10/30/2013 22:04     Subject: Are there any Tax Deductions for Private school?
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.
Anonymous
Post 10/30/2013 21:33     Subject: Are there any Tax Deductions for Private school?
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
Post 10/30/2013 21:28     Subject: Are there any Tax Deductions for Private school?
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
Post 10/30/2013 21:24     Subject: Are there any Tax Deductions for Private school?
Anonymous wrote:Why can you deduct college tuition and not k-12?

I don't get it.


How do you deduct college tuition?!
Anonymous
Post 10/30/2013 21:21     Subject: Are there any Tax Deductions for Private school?
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
Post 10/30/2013 21:19     Subject: Are there any Tax Deductions for Private school?
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
Post 10/30/2013 21:18     Subject: Re:Are there any Tax Deductions for Private school?
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
Post 10/30/2013 21:17     Subject: Are there any Tax Deductions for Private school?
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
Post 10/30/2013 21:16     Subject: Re:Are there any Tax Deductions for Private school?
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
Post 10/30/2013 21:15     Subject: Are there any Tax Deductions for Private school?
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
Post 10/30/2013 21:14     Subject: Are there any Tax Deductions for Private school?
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
Post 10/30/2013 21:10     Subject: Re:Are there any Tax Deductions for Private school?
Anonymous wrote:How about mortgage interest on a 5 million dollar house, what is the cap on that?


$1M max
Anonymous
Post 10/30/2013 21:09     Subject: Re:Are there any Tax Deductions for Private school?
How about mortgage interest on a 5 million dollar house, what is the cap on that?
Anonymous
Post 10/30/2013 21:07     Subject: Are there any Tax Deductions for Private school?
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
Post 10/30/2013 20:55     Subject: Are there any Tax Deductions for Private school?
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.