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Posted by Brian Devlin on February 5, 2007, 1:51 am
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My dependent child has student loans taken out in her name.
If I am paying the loans back myself, may I deduct the
interest on my tax return?
Thanks,
Brian Devlin
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Posted by Bill on February 5, 2007, 8:41 pm
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bdevlin3@cox.net (Brian=A0Devlin) posted:
> My dependent child has student loans taken
> out in her name. If I am paying the loans back
> myself, may I deduct the interest on my tax
> return?
Yes, so long as she was your dependent when the loan was
taken out, and please note there are restrictions on her
income.
Bill
<< ======================================================= >>
<< 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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Posted by Shyster1040 on February 5, 2007, 8:41 pm
Please log in for more thread options Do you have a legal obligation to pay that interest? That
is, at the time the debt was incurred, did you agree to pay
back the loans, and if so, under what conditions?
If you are not legally obligated under the terms of the loan
to make payments on the loan, you cannot deduct any interest
you paid. Also, if you are only liable on the loan as a
guarantor, and only obligated to pay if and when your child
cannot pay (i.e., has defaulted on the loan), then you also
cannot deduct the interest you paid. Even if you're not
liable under the express terms of the loan, you should check
to see whether you have any liability under state law for
the debts of your child (if the child is 18 or over, you
probably don't, however).
<< ======================================================= >>
<< 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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Posted by Brian Devlin on February 5, 2007, 8:41 pm
Please log in for more thread options Brian Devlin wrote:
> My dependent child has student loans taken out in her name.
> If I am paying the loans back myself, may I deduct the
> interest on my tax return?
Also, what if I am the co-signer on the loans?
<< ======================================================= >>
<< 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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Posted by Herb Smith on February 6, 2007, 10:36 pm
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> My dependent child has student loans taken out in her name.
> If I am paying the loans back myself, may I deduct the
> interest on my tax return?
>
> Also, what if I am the co-signer on the loans?
Co-signors of the loan are fully liable for payment,
including interest.
<< ======================================================= >>
<< 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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