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Washington Post

Robert Smith will pay Morehouse graduates’ student loans. Will there be a tax bill to pay?

By Michelle Singletary

“The receipt of a gift is excluded from income regardless of the amount or the source,” said Eric Bronnenkant, head of tax at the online financial adviser Betterment. “Assuming the payment of the graduates’ student loans is classified as a gift, it would be income-tax free.”

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This article originally published May 21st, 2019 on Washington Post