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DM | Can I write off my $80,000 investment in my son as a loss on my tax return? |
I invested at least $80,000 in his university education (tuition fees and living expenses in another city) in his 4-year education. Now, he told me that he does not like what he has studied at the university, and he does not like to live in the same city with me. In many ways, it appears I have lost everything that I have invested on him financially (and emotionally).
Additional Details
Would you answer be different if he put it in writing before he went to university4 yrs ago that he would give me back $100,000 back for my investment on him after he gets a job (but he is still unemployed). |
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Judy1
 |
I assume you are joking. My sympathy though - I know you don't see this as a laughing matter.
But in case you aren't joking - no, you can't write that off. If he was your dependent while he was in school though, you could most likely take education credits for his tuition and fees - if you didn't take the credits but were eligible, you can amend your returns back to 2004. |
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Lucy
 |
oh my god......but u can't write off those money, u can only ask for repayment after he got a job |
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coleblondehead
|
ok, lets go over your questions and try
to rationalize this, if you paid his tuition
every year, didnt you cleim it on your
return? Because I pay 2-3 k every
semester and then I claim it on muy
return, now hes saying he wants to change
his career, was this an impulse on him
took him 4 years? Or was he hinting all
4 years about not liking it? Very strange.
But as parents, we do have to put up
with things like this. My daughter for the
past year, has been doing her classes
to become a dentist, 2nd semester, now
she says shes not very very sure, so I
can sort of relate, you put your heart
and money and they still dont know where
theyre going? Thats pitifull aint it.
But the answer is still no, you shouldve
already claimed that money, tuition &
fees deduction, or hope credit. All you
can do is tell him to get a job if he wants
to start a new career, unless youre a
millionairse., Good luck. |
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bostonianinmo
|
Don't I wish!!!
Welcome to the Wonderful World of Parenthood!
(Though I seem to recall doing the same thing to my Dad, lo those many years ago...) |
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Claudia M
|
That's sad.. happens to many parents, but nope- you can't write it off on your taxes.. Tell your son to repay you. |
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Heffener
|
No...you can't write off the entire amount. But, you may be eligible to deduct a certain amount of education related expenses. You should talk to a CPA or, at the very least, read IRS publication 970- Tax Benefits of Education. In order to claim the deductions for past years, you would need to file admended returns. You should have claimed the proper deduction in the year they were made. As long as it's not more than 7 years ago, you should be able to file an amended return, provided you do qualify for the education related deductions. Again, talk to your CPA. |
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v b
|
"Would you answer be different if he put it in writing before he went to university4 yrs ago that he would give me back $100,000 back for my investment on him after he gets a job (but he is still unemployed)."
Nope. That's a conditional loan. The loan doesn't become due until he has the job. It's not a bad debt until he has the job, could pay you and doesn't. Even then you'd have to prove that it was a loan not a gift and that you've sued to get the money.... |
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The Joe
|
I actually think you can write it off if you treat it as though you made him a loan and he doesnt repay it, but then he has to recognize the 80,000 in forgiven debt as income. So you can write it off, AND make him pay taxes on the 80,000. But Im sure that would come under scrutiny, and you would probably pay a big chunk in AMT anyway, so not sure its worth it. |
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