Submitted By: Titus
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.

advertisement
Tax Glossary

Tenancy by the entireties

A joint tenancy in real property in the name of both husband and wife. On the death of one tenant, the survivor receives entire interest.

More terms