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Compressing deep neural network (DNN) models becomes a very important and necessary technique for real-world applications, such as deploying those models on mobile devices. Knowledge distillation is one of the most popular methods for model compression, and many studies have been made on developing this technique. However, those studies mainly focused on classification problems, and very few attempts have been made on regression problems, although there are many application of DNNs on regression problems. In this paper, we propose a new formalism of knowledge distillation for regression problems. First, we propose a new loss function, teacher outlier rejection loss, which rejects outliers in training samples using teacher model predictions. Second, we consider a multi-task network with two outputs: one estimates training labels which is in general contaminated by noisy labels; And the other estimates teacher model's output which is expected to modify the noise labels following the memorization effects. By considering the multi-task network, training of the feature extraction of student models becomes more effective, and it allows us to obtain a better student model than one trained from scratch. We performed comprehensive evaluation with one simple toy model: sinusoidal function, and two open datasets: MPIIGaze, and Multi-PIE. Our results show consistent improvement in accuracy regardless of the annotation error level in the datasets.