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Is a parent plus loan tax deductible?


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Answered 2008-06-09 03:34:04



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The equity in your home is not a tax deduction. The interest paid to banks for a home equity line of credit or loan may be tax deductible.

Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.

No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.

No. Just like the receiving of the loan was not taxable.

If you were to take out a home equity loan and pay for the mortgage recording tax, it would be deductible and the IT-256 form must be used to claim it.

No, it is not tax deductible, but there are credits for education that are available. And the interest rate of college loans is tax deductible.

Of course there certain conditions and qualifications...but normally yes.

No, I do not belive it is tax deductible

If HELOC was used to improve your home, the interest paid on the loan is tax deductible up to 1 million dollars. If HELOC was used for other purposes, you can deduct the interest up to $100,000.

The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.

Yes. Tax Preparation does lies under business investment thus, is tax deductible.

Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.

Not deductible on your federal income tax return.

Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production

You can make a tax deductible car donation at

Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.

The term of the loan received. If you refinance it early, you get to take the remaining.

No. Not any year. And Federal Tax, even income tax, is not deductible on a return.

No. Under Section 51(1) of the Internal Revenue Code, the general rule is that interest payments on a loan used to fund a life insurance policy are not deductible. Congress considers life insurance a highly tax privileged form of investment and declines to afford this additional benefit.

Spousal support payments would not be deductible on your income tax return. Only Alimony payments would be deductible on your 1040 income tax return.

In Australia, Private school fees are not tax deductible.

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