Client paid interest for son in the 2008 tax year. Son is on his own now and filing and claiming himself on his tax return. Who gets to claim the interest? Does it depend on whose name the loan is in?
-
-
Deductible
See TTB 12-8
Student loan has to be incurred by the taxpayer solely to pay expense
and the Student must be the taxpayer's dependet or spouse at the time the loan was taken out, and enrolled at least half time in a degree or certificate program.
For the parent's to take the deduction, (I take the above to mean), the loan is in their (parent's)name and they already had met the qualifications,
If loan is in the dependent's name, then the dependent takes the deduction, except if the dependent is claimed as a dependent.
Sandy
Comment