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

Short-term capital gain or loss

Gain or loss on the sale or exchange of a capital asset held one year or less.

More terms