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.

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Tax Glossary

Depreciation

Writing off the cost of depreciable property over a period of years, usually its class life or recovery period specified in the tax law.

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