Solved: I have a small business which is sports training for kids. I give out scholarships for underprivledged kids. Can I deduct the value of the scholarships? If so, where?
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I have a small business which is sports training for kids. I give out scholarships for underprivledged kids. Can I deduct the value of the scholarships? If so, where?

I have a small business which is sports training for kids. I give out scholarships for underprivledged kids. Can I deduct the value of the scholarships? If so, where?

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I have a small business which is sports training for kids. I give out scholarships for underprivledged kids. Can I deduct the value of the scholarships? If so, where?

No, unfortunately, the IRS does not allow a deduction for income not earned.

The scholarships are essentially a gift which is not deductible.


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Level 7

I have a small business which is sports training for kids. I give out scholarships for underprivledged kids. Can I deduct the value of the scholarships? If so, where?

No, unfortunately, the IRS does not allow a deduction for income not earned.

The scholarships are essentially a gift which is not deductible.


View solution in original post

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