on my ez form file it says school expenstives even though I haven't paid on my loans yet can I still put them down as expenstives that I have taken out???? so do I list the amount of my student loan taken out this year or not?
2007-02-01 05:05:50 · 5 answers · asked by BrandonJDB 1 in Education & Reference ➔ Financial Aid
Expenses are things you PAY for not $$ you get,
That would actually be income & maybe you would be taxed on it !
(The % might be a deductable expense later but you did NOT pay % this year, did you ?)
But when in doubt ask those that really know
http://www.irs.gov/
2007-02-01 05:14:51 · answer #1 · answered by kate 7 · 0⤊ 0⤋
No. You can deduct interest that was paid on student loans. If you paid any tuition out of pocket, you might be able to claim it. Check with an accountant or tax preparer to make sure.
2007-02-01 13:14:33 · answer #2 · answered by mark my words 3 · 0⤊ 0⤋
If you use your student loan for school you need to right them down. Because eventually you will have to paid for them no matter what.
2007-02-01 13:37:25 · answer #3 · answered by ism 2 · 0⤊ 0⤋
You only can claim the interest that you paid out over the tax year.
2007-02-01 13:10:48 · answer #4 · answered by krullerb 2 · 1⤊ 0⤋
No, you have to wait until you start repaying the loan.
2007-02-01 13:09:19 · answer #5 · answered by ruth4526 7 · 1⤊ 0⤋