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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2647
Experience:  IRS licensed Enrolled Agent and tax instructor
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No idea if this is the right category, but I took over 3 of

Customer Question

No idea if this is the right category, but I took over 3 of my son's college loans and refinanced them in my name through Citizens bank (they do many college loans). My husband co-signed for me (we weren't married yet at that time....December). I want to know if I can deduct the interest on my taxes as my son did on the student loans in his name. Thanks.
Submitted: 10 months ago.
Category: Tax
Expert:  emc011075 replied 10 months ago.
Hi. My name is ***** ***** I will be happy to help you. No, you cannot because it is not your qualifying student loan. ...Qualified Student LoanThis is a loan you took out solely to pay qualified education expenses (defined later) that were:.... When you refinanced you paid of his original student loans with a new loan from the citizens. The new loan from the citizens was not to pay qualified education expenses, it was to pay off his original student loans.
Customer: replied 10 months ago.
Is there anything I can do to write off the interest? Or any other interest?
Expert:  emc011075 replied 10 months ago.
If you refinanced it in December, your son can or you, if you claim your son as dependent can write of the interest from January to November. He should have received student loan interest statement form 1098E. The rest is considered nondeductible personal loan. Only mortgage interest and student/education loan interest are deductible.
Expert:  emc011075 replied 10 months ago.
I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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