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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
Modified adjusted gross income (MAGI)
This is generally adjusted gross income increased by certain items such as tax-free foreign earned income. MAGI usually is used to determine phaseouts of certain deductions and credits.
