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.

Tags: Credits/Deductions, Gifts & Inheritances

Ask JK

Most Popular

Ask JK

Advanced

Is income averaging still available? 25.1k views
Where do I report income from my corporation on Form 1040? 12.7k views
I paid a convenience fee when I charged my property taxes. Can I deduct this fee? 7.8k views
I sold some municipal bonds at a loss. Can I deduct the loss? 7.3k views

Featured Books

Your Income Tax 2026

J.K. Lasser Institute

$26.95

Learn more

View all books Next Book

Tax Glossary

Qualified plan

A retirement plan that meets tax law tests and allows for tax deferment and tax-free accumulation of income until benefits are withdrawn. Pension, profit-sharing, stock bonus, employee stock ownership, and Keogh plans and IRAs may be qualified plans.

More terms Next Term