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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
Capital loss carryover
A capital loss that is not deductible because it exceeds the annual $3,000 capital loss ceiling. A carryover loss may be deducted from capital gains of later years plus up to $3,000 of ordinary income.
