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Submitted By: Titus
Answered: June 15, 2015 8:27 am
Answered: June 15, 2015 8:27 am
I paid off my daughter’s student loans. Can I deduct this as a gift?
There is no tax deduction for gifts directly to or on behalf of individuals. Just be glad in knowing you saved your daughter future interest costs and enabled her to start off debt free.
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Tax Glossary
Fiscal year
A 12-month period ending on the last day of any month other than December. Partnerships, S corporations, and personal service corporations are limited in their choice of fiscal years and face special restrictions.
