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Can a cosigner on a student loan (who's only paid a portion…

Second opinion] Can a cosigner...
Second opinion] Can a cosigner on a student loan (who's only paid a portion of the interest) use the primary borrower's 1098E to take a student loan interest deduction if the primary borrower isn't using it?
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Answered in 1 hour by:
3/13/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,058
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Hey! I'm Carter, I'm a CPA and can help you out.

Yes, you can.

IRC 221: (d)DefinitionsFor purposes of this section—

(1)Qualified education loanThe term “qualified education loan” means any indebtedness incurred by the taxpayer solely to pay qualified higher education expenses(A)

which are incurred on behalf of the taxpayer, the taxpayer’s spouse, or any dependent of the taxpayer as of the time the indebtedness was incurred

Since you are legally obligated to pay the debt as a cosigner, then you can take the deduction. However, the deduction would be limited to only the amount that you paid.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
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