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Subject Author Date
Education loan repayment ravi 03-26-2007
Posted by ravi on March 26, 2007, 10:57 am
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 I am from India and I did my post graduation from Texas A&M
University. Now I am on H1B visa and working in USA. I am
repaying the education loan in India that I took for my
education at USA. Can I claim deduction for that?

Another question:
I bought a car for exclusively traveling to work. Can I
claim deduction for the car loan repayments?

Please let me know.

Thanks

Ravi

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Posted by Herb Smith on March 27, 2007, 12:43 am
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> I am from India and I did my post graduation from Texas A&M
> University. Now I am on H1B visa and working in USA. I am
> repaying the education loan in India that I took for my
> education at USA. Can I claim deduction for that?

For the interest, yes.

> Another question:
> I bought a car for exclusively traveling to work. Can I
> claim deduction for the car loan repayments?

Your use of the car is for commuting to work, which is never
deductible. The interest on the loan is also personal,
which also is nondeductible.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Bill Brown on March 27, 2007, 12:43 am
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> I am from India and I did my post graduation from Texas A&M
> University. Now I am on H1B visa and working in USA. I am
> repaying the education loan in India that I took for my
> education at USA. Can I claim deduction for that?

There is no deduction for paying the principle amount of a loan.

> Another question:
> I bought a car for exclusively traveling to work. Can I
> claim deduction for the car loan repayments?

The cost of travel from home to work and back home is not
deductible. The amount of loan payments is not the amount
deductible in any case.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Bill Brown on March 27, 2007, 1:02 am
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> I am from India and I did my post graduation from Texas A&M
> University. Now I am on H1B visa and working in USA. I am
> repaying the education loan in India that I took for my
> education at USA. Can I claim deduction for that?

There is no deduction for paying the principle amount of a
loan.

> Another question:
> I bought a car for exclusively traveling to work. Can I
> claim deduction for the car loan repayments?

The cost of travel from home to work and back home is not
deductible. The amount of loan payments is not the amount
deductible in any case.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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