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

Hobby loss

Hobby expenses are deductible only up to income from the activity; loss deductions are not allowed.

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