Can I claim a gift for paying off my daughters student loan?

ellenxxx123 — Tue, 04 Jun 2019 22:28:15 GMT

I paid off my daughter's student loan. My name was not on the loan. Can I claim it as a gift to her?

There is not a tax deduction for a gift. The gift giver,...

Vanessa — Tue, 04 Jun 2019 22:28:17 GMT

There is not a tax deduction for a gift. The gift giver, depending on the amount, can be responsible for a gift tax though. There is a $15,000 ($30,000 for married couples) exclusion for 2018 and 2019, however, if it was more than that you may be liable for a gift tax.

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...

If you were a co-signor on the student loans, you may be able to take a student loan interest deduction.

topic Can I claim a gift for paying off my daughters student loan? in Education

Can I claim a gift for paying off my daughters student loan?

There is not a tax deduction for a gift. The gift giver,...