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Author: TMFDitty Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121182  
Subject: Deductions for relative? Date: 7/4/2011 10:11 AM
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Hi, all.

My wife's nephew just got accepted to Indiana University for a 2-year Master's degree program. (Hurray!)

He is Russian, has no money, and so we will be footing the bills for the degree, room and board, insurance, and car. Probably $50,000 all-in. (Boo!)

I am looking for ideas on how to lessen our financial hit. Specifically, I am wondering if we can deduct some of these costs by claiming him as a dependent. He's a close relative -- son of my wife's maternal half-brother. He's 21 years old. And he will be living with us at least initially.

Anyone ever dealt with a situation similar to this, and found tax advantages in it?

TMFDitty
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