My daughter has two very high interest student loans. Her credit won’t let her do anything, but I can “refinance” it with me getting the loan using my credit. But is it still a “student” loan that she can deduct. She is making the payments and her name will be also on the loan (ironically, she will co-sign for me). This seems to be some gray area once the loan gets moved around. Just want to make sure the “chain of custody” still makes the new loan interest tax deductable. Hope this made sense and thanks for your help.
Related posts:
- Is student loan still tax deductable when refinancing a student loan with a personal loan? My daughter has two very high interest student loans....
- Is student loan interest tax deductable if you take the standard deduction? I read that student loan interest was tax deductable...
- Is student loan interest tax deductable if you take the standard deduction? I read that student loan interest was tax deductable...
- Payoff student loan or use it as deductable? My husband and I have around 30K student loan,...
- Pay school tution fee myself or take a student loan? Which one is advantageous on a tax saving basis? I am starting graduate school mid-march (changing careers to...
Related posts brought to you by Yet Another Related Posts Plugin.
Nope, sorry, but personal loan won’t qualify, as you will have nothing in writing to say that it is student loan interest.
It wasn’t that very clear, but from what I understood your co-signing on the loan. She’ll pay for the loan’s premium and interest. and that’s about it …
Remember: Who ever pays the student interest, that person will have the right to deduct those interest payments on their tax return (up 2,500).
The only thing that I can figure that will absolutely confirm that you are paying a student loan is that if at the beginning of the tax season, you receive a 1098-E “Student Loan Interest Statement” from your Lender.