I am several years removed from college and am independent per my personal taxes. My parents helped pay for a portion of my college tuition at the time, and during that time I was claimed as a dependent on their taxes. If I wanted to pay back my parents for their portion of my tuition are there any tax consequences, particularly if the amount exceeds the annual gift tax exemption (assuming it would be considered a gift). For sake of example, say my parents paid $50k for my college tuition. If I wanted to pay that amount back in one or two years, would there be tax considerations for either me or my parents? Would it even be considered a gift? Thanks!
