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Years ago we took an education loan out for our daughter,12000,

Customer Question
she is no longer our...
Years ago we took an education loan out for our daughter,12000, she is no longer our dependent but we are still paying on the loan can I deduct the payments for education? on our return, married jointly I already deduct the interest.
Submitted: 5 years ago.Category: Tax
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1/30/2012
Tax Professional: TaxMomNJ, Senior Tax Advisor replied 5 years ago
TaxMomNJ
TaxMomNJ, Senior Tax Advisor
Category: Tax
Satisfied Customers: 245
Experience: 7 years experience with tax preparation company, over 500 hours of tax courses taken
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TaxMomNJ :

Hello,

Deductible student loan interest is defined as:

TaxMomNJ :

Interest paid on a loan that was taken out for you, your spouse, or a person who was your dependent when you took out the loan,
Interest paid within a reasonable amount of time before or after you took out the loan,
and interest paid on a loan that was for eligible education expenses during an academic period for the eligible student.

If your daughter was your dependent when you took out the loan and the interest paid meets the other two requirements, you may deduct the student loan interest. For additional information on deductible student loan interest, please follow this link: http://www.irs.gov/pub/irs-pdf/p970.pdf. Student loan interest information begins on page 29.

I hope this helps.

Customer:

Did not answere my question can I deduct the payment for the loan

TaxMomNJ :

Was your daughter your dependent at the time you took out the loan?

Customer:

Yes, I already deduct interest, can I deduct payments?

TaxMomNJ :

Unfortunately no. Payments are not deductible due to the fact that education expenses could have been used as deductions or credits when she was a student. If education credits/deductions were taken previously, this would cause the expenses to be a double tax benefit.

Customer:

Was not taken at the time

TaxMomNJ :

What years did she attend college?

Customer:

2003-2004

TaxMomNJ :

The rules requiring education expenses permit for the expense of the education to be taken while attending college. If the expenses were not used for deductions or credits at the time, they are forfeited. If the expenses had been omitted on returns within the last 3 years, the returns could have been amended to claim the expenses. However, returns may only be amended for 3 years after the due date of the return (as of now, you can only go back to 2008).

Customer:

Ok, thanks for your help, thats what I needed to know

TaxMomNJ
TaxMomNJ, Senior Tax Advisor
Category: Tax
Satisfied Customers: 245
Experience: 7 years experience with tax preparation company, over 500 hours of tax courses taken
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