Hi Fish, I have a personal question. My parent has offered to pay off my student loans. He’s leaning towards giving me 15k every year (maximum gift allowance) to pay them off. I believe just him just paying off the full balance at once is better. We’re wondering if there are any tax implications to a parent paying off their child’s student loans all at once themself or if we should go the 15k a year route.
Thank you!

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Depends on the applicable laws in your country. There are countries that offer a smaller tax liability to single parents or to those paying the taxes alone. It would be better to ask the office or agency assigned for that matter in your area.

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Yeah definitely check what the regulations are in your state if you're in the US. It is possible that a larger gift will be taxed, but no way to be sure without knowing your location.

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If he gifts you more than $15k he has to file a gift tax return… not taxable but reportable…
BUT if he pays the loan directly it is not subject to the gift tax rules

I think paying them off at once would be better. I guess it depends on the interest rate.

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