Loan Interest Deduction For Students

We as students at some point of time nil if have made use of the loan facility and have paid interest too. So why not try claiming some relief on it too.
A maximum of $2,500 on interest that you paid for a student loan can be deducted. If, however, your student loan is nullified, you are allowed to exclude the amount from your income.

And the loan that qualifies is only for higher education purposes only and also on you spouse, kids or any dependent.

You can claim the money if and only if it is used for educational purposes like studies, fees, books, supplies, equipment, room and board, transportation and only for qualified and certified courses.

You cannot claim a tax deduction on the student loan if:

March 2, 2008 | Filed Under Taxes 
Print This Article : Print This Article :

Random Posts

Comments

Leave a Reply