Student Loan Interest

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  • gman
    Senior Member
    • Dec 2005
    • 676
    #1

    Student Loan Interest

    Student loan interest in the name and social security number of dependent son. Can parents take it on their return? Does it matte who makes the payments?

    thanks
    Tags: None
    • KBTS
      Senior Member
      • Nov 2005
      • 564
      #2
      See TTB page 12-9 for details. Generally, if the student is legally obligated to pay the loan then no one gets the deduction in your situation.

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        • Gary2
          Senior Member
          • Aug 2010
          • 2066
          #3
          Originally posted by KBTS
          See TTB page 12-9 for details. Generally, if the student is legally obligated to pay the loan then no one gets the deduction in your situation.
          The issue isn't whether the student is legally obligated, but whether the parents are. The regulations don't get into the case where a parent has guaranteed the loan, but I would imagine that in some, if not all cases, being a guarantor to a loan satisfies the "legal obligation" requirement.

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