Time for me to sound like a spoiled brat.
My parents contacted me yesterday and offered to pay off half my student loan balance, or about $55,300.
That pays off exactly 3 of my individual loans. One of them my dad is a cosigner for. I know gift tax rules apply to the other amounts, but since he is a cosigner, does gift tax even apply to that? I'm not trying to skirt taxes, but if he doesn't need to include that when he reports the gift I don't want him to. BTW, I doubt he has to worry about breaching the $1 mil lifetime exclusion anyway, this probably isn't going to matter.
Thanks!
My parents contacted me yesterday and offered to pay off half my student loan balance, or about $55,300.
That pays off exactly 3 of my individual loans. One of them my dad is a cosigner for. I know gift tax rules apply to the other amounts, but since he is a cosigner, does gift tax even apply to that? I'm not trying to skirt taxes, but if he doesn't need to include that when he reports the gift I don't want him to. BTW, I doubt he has to worry about breaching the $1 mil lifetime exclusion anyway, this probably isn't going to matter.
Thanks!