My child got a scholarship for college. Is it taxable?

July 26, 2010

Driving through Los Angeles the other day, I saw a bumper sticker on a car that read, “My child just got a scholarship to…” and named the University. Only in LA, right? Maybe there are some other cities in the country where one would advertise such a thing on the back of their car, but for those who have visited LA, it’s not exactly a surprise.

The one good thing about seeing this bumper sticker was that it got me thinking about whether or not that scholarship would be tax deductible. So, for those of you cruising around with these sort of bumperstickers, perhaps this brief article will help answer such a questions.

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