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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
Partnership
An unincorporated business or income-producing entity organized by two or more persons. A partnership is not subject to tax but passes through to the partners all income, deductions, and credits, according to the terms of the partnership agreement.
