Educational gifting

[paulmammarelli]

Can tax free educational gifting per child be used to pay private school tuition each year?

[Bsch4477]

You can’t deduct tuition paid for private elementary education on your federal return. States may have different rules. You can’t give the school a charitable gift in lieu of tuition since you can’t deduct a “gift” that you derived a benefit from.

[paulmammarelli]

We are looking for best options to avaiod capital gains taxes this year when we sale our rental home. Any suggestions?

[Hal_Al]

You cannot avoid capital gains tax except with a "like kind exchange". In such cases, specific procedures must be followed. See https://www.investopedia.com/financial-edge/0110/10-things-to-know-about-1031-exchanges.aspx

Other capital losses (e.g. sale of stocks or mutual funds) can be used to offset capital gains.

Giving the house to a charity would eliminate the capital gain tax  and get you an itemized deduction, in addition.  But, you'd be out the money too.  There are limits on how much you can deduct, but there are also carry over provisions.

Giving the money to relatives, even for their education, has not tax benefit.