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

Amortization of intangibles

Writing off an investment in intangible assets over the projected life of the assets.

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