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Tax Deductions for Education

“Kiddie Condo” loans, so named because the mortgage product used to purchase real estate for this purpose is encouraged by a Federal Home Administration (FHA) program that allows parents, grandparents or aunts and uncles to purchase real estate and share the risks and rewards of the investment with the student. 

Students can immediately begin building their credit history with timely mortgage payments while the parents or other benefactors are building equity and avoiding the waste of paying rent and other expenses.

This type of mortgage allows a person to co-borrow with a blood relative (eg. parent, grandparent, sibling, etc.), who helps qualify for the loan using their income or assets. Both borrowers take title to the property, sign for the loan and build their credit profile.  It is a way to off set the high cost of education.

You may be able to deduct qualified tuition and related expenses that you pay for yourself, your spouse, or a dependent. 

You do not have to itemize to take this deduction because it is treated as an adjustment to income. You can claim qualified tuition and fees as either: (1) an adjustment to income, as directed above; or (2) a Hope or Lifetime Learning credit.

You cannot deduct higher education expenses on your income tax return if you or anyone else claims a Hope or Lifetime learning credit based on those SAME expenses.

You cannot claim a deduction or credit based on expenses paid with tax-free scholarship, fellowship, grant, or education savings account funds such as a Coverdell education savings account, tax-free savings bond interest or employer-provided education assistance.

The same rule applies to expenses you pay with a tax-exempt distribution from a qualified tuition plan, except that you can deduct qualified expenses you pay only with that part of the distribution that is a return of your contribution to the plan. You cannot deduct qualified education expenses you deduct anywhere else on your return, such as a business expense

JUST WAIT - a $1000 scholarship - a positive answer to the alcohol, tobacco, and drug problem

The Just Wait Foundation offers teens a $1000 scholarship after completing 4 years of substance free from alcohol, tobacco, and drugs.  A high school diploma or equivalent is required to receive the scholarship.

During the four years of practicing being substance free teens will learn how to cope with everyday life.  Coping skills will be implemented in events, fund raisers, and a number of activities solely originating from the teens, which includes organizing, planning and completing an entire project using the NINERGY process.  Teens will not only learn how to use life’s coping skills but will learn that each of their peers is born with certain traits, talents, and mannerisms.

Teens will learn to accept others for what and who they are.  The NINERGY program will be implemented focusing on living and making decisions with out mind altering substances. 

By donating just $5.00 to the “JUST WAIT” Foundation (it is tax deductable) you will receive complete details on how to take the pledge, become a volunteer, and/or set up  “JUST WAIT” in your family, school, or community.

What are you willing do for your teen, grandchild, niece, nephew, bother, sister, neighbors to help encourage them to become drug free, tobacco free and alcohol free plus receive a $1000 scholarship to use how anyway their heart desires?

Complete the form below to receive your information on how to receive a $1000 scholarship from the “JUST WAIT” Foundation. 

Learn how by donating Worldmark timeshares you can help solve the alcohol, tobacco, and drug problem

On the pages of this web site you will find information that has been collected from many independent sources.   Each article or news item offers a different point of view, but not necessary the Just Wait Foundation or CPA Mom's.  These articles are for general information only. 

If you have a Question on Education Tax Deducations or the Scholarship use the form below.

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