I have student loans that I use for tuition, book, school supplies, housing, and everything else it takes to live. Is there a place I have to claim these loans?
Even though I am using mostly loan money to pay for my tuition do I still qualify for the South Carolina state tuition tax credit?
Thanks
2007-02-18 05:39:38 · 3 answers · asked by zekbone 1 in Business & Finance ➔ Taxes ➔ United States
no, you do not claim loans as income. when you start to pay the loans back, you may be eligible to get a student loan interest deduction.
yes, you can qualify for tuition credits even though you paid with loans.
2007-02-18 17:52:16 · answer #1 · answered by tma 6 · 0⤊ 1⤋
look in the left column under the heading "are you able to declare the Deduction." Now look into the third bullet assertion. that's what tells you which you are able to not deduct the activity on your father's own loan. considering the fact that he took out the non-public loan, he's legally obligated to pay, no longer you. in case you're paying it, no one gets to deduct that activity. considering the fact which you claimed it improperly final 300 and sixty 5 days, you're able to now amend your return to withdraw the activity on your father's own loan and pay lower back regardless of tax earnings which you won, plus effects and activity for overdue fee.
2016-11-23 16:54:49 · answer #2 · answered by ? 4 · 0⤊ 0⤋
No, you don't have to claim loans, since you'll have to pay them back. If grants are used for expenses which don't qualify as educational expenses, such as rent and other living expenses, the answer would be different.
2007-02-18 11:17:33 · answer #3 · answered by Judy 7 · 0⤊ 1⤋