Is there any tax advantage of declaring an individual gift? I helped my daughter by paying off a car loan (about $8K). Should I declare this gift is there any advantage to do so?

I had to take a loan to do so, is there some way to deduct the principal and/or interest as a loss? Or am I just SOL (which is what I suspect)?

Scott,

The $8,000 loan payoff is a gift, but it is well below the $13,000 exemption amount, so no gift tax is due.

There are no other tax advantages other than possibly claiming your daughter as a dependent.

That's what I thought. No tax consequence to her and no tax benefit to me. Oh well.

Sorry I did not have better news.