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

Section 179 deduction (or First-year expensing)

A deduction allowed for investments in depreciable business equipment in the year the property is placed in service.

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