I graduated in 2006. I'm looking for any info concerning tax breaks others could get for helping me out with my loans. (Making payments directly to the loan-managing institution, of course)
2007-03-15 07:19:48 · 4 answers · asked by edloan 1 in Business & Finance ➔ Taxes ➔ United States
Only you can get a tax break for making payments on your student loans.
You get to write off the interest.
2007-03-23 04:53:30 · answer #1 · answered by jeepdrivr 4 · 0⤊ 0⤋
You take the interest that you've paid on those student loans off as a deduction on the front page of your 1040.
2007-03-15 07:36:45 · answer #2 · answered by Fool in the Rain 6 · 0⤊ 0⤋
As you are not a charity, no individual or business would get a tax benefit from paying your loans.
You just have to get off your @$$ and get a high enough paying job to pay off the loans yourself. That way, the company that hires you will have a tax deduction for your salary.
2007-03-15 08:11:18 · answer #3 · answered by Wayne Z 7 · 1⤊ 1⤋
Someone can't get a deduction for paying an expense that they're not legally bound to pay. You are the one who owes on your loans.
2007-03-15 16:38:12 · answer #4 · answered by Judy 7 · 1⤊ 1⤋