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the interest that is paid or that accrues on the loan is what is basically deductible. however, such student or dependent if claimed must attend school at least half-time that leads to a degree, associate degree or a recognized certificate.
it is also deductible if it accrues from a credit card used for the student loan.
However, such eligible fees should receive a 1098E for its eligible insititution
What else can I help you with?
What type of loans are tax deductible?
Mortgages and Student loans are the only types of loans that are tax deductible.
Can you apply unclaimed interest paid on student loans during the 2006-2007 tax season on your 2008 tax return?
Interest on student loans isn't deductible - regardless of when paid or accrued.
What policies should be implemented now that you know that Mrs Gonzales’s secondary insurance will not cover her copayments until her high yearly deductible is met?
home equity loans, auto loans, and student loans
Are Kiva loans tax deductible?
Kiva loans are not tax deductible because they are considered personal loans rather than charitable donations.
Can governmental student loans be part of a bankruptcy filing?
no
Can you receive financial aid if you have student loans?
true but the most part of them
How are loans taxed in the United States?
Loans are not taxed in the United States because they are considered borrowed money that must be paid back. Interest paid on certain types of loans, such as student loans or mortgages, may be tax-deductible, which means you can reduce your taxable income by the amount of interest paid.
Is college tax deductible?
Really only those, generally for a Masters or above level, that are in your specific working profession. If your just a student getting your initial degrees, nothing is deductible. Otherwise, the Education credits (Hope and such) that are available are what you should be looking at.
If you have outstanding student loans and die is the estate charged for the student loans?
Actually, that's not true - student loans are forgiven when the student dies.
Are student loans forgiven after age 60?
Are student loans forgiven at age 60? Are student loans forgiven at age 60?
What company provides direct student loans?
There are only a few companies that provide direct student loans. You can go to a bank and get student loans from there, or you can get Federal Loans from your school.
Do student loans have to be reported on income taxes?
Student loans are not reported as income on the tax return. The interest you pay on a student loan is deductible as long as you meet certain criteria such as Income limitations, use of the funds, status when loan was incurred. If funds were used for education expensed they are eligible for the education credits if you met all the conditions. For complete rules see IRS website irs.gov
