Did you know that you can deduct up to twenty five hundred dollars from your student loans interest? There are some rules to this however. Your loan is only eligible for the deduction if you took out the loan only for a higher education program thats qualified by law. This can be not only for yourself, but your dependents and spouse as well.
The money for the loan must have been spent on expenses for college or vocational studies such as your tuition, textbooks, school supplies, any administrative fees, any type of equipment, your room and board, and transportation to and from school.
The student must be in a qualified degree program, and they must be a half-time student at least. As well, youll be obligated by law to repay the loan.
If someone else claims an exemption for the student, if youre not allowed by law to get the loan, if the loan was obtained by a relative, or if the student is married to the receiver of the loan, but they are filing a separate return.
There are some limitations on what can be deducted and its best that you obtain all of that information ahead of time in order to save yourself from breaking any of the rules, ensuring that...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
