The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: question Date:  7/6/2016  10:40 AM
Author:  irasmilo Number:  124335 of 133018

If you want to help your son out while coming out even, you could gift him an amount equal to the interest you received, less the tax you paid. For example, you paid $100 on the $1000 of interest received, you would then gift your son $900. That gift would not affect his ability to deduct his loan interest.

That wouldn't work the way you think. Son would still have to come up with $100 to complete the interest payments for the year.

Copyright 1996-2021 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us