Interest Paid on Educational Loan Outside USA can be claimed in the Federal Tax Return and State Tax. Please Advice in this regard.
2007-04-04 06:17:25 · 3 answers · asked by sriha 1 in Business & Finance ➔ Taxes ➔ United States
If the educational institution participates in the the US Department of Education's Federal Student Aid program and the loan is funded in the 90 day window then the interest should qualify for the deduction.
2007-04-04 06:43:36 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
1
2016-10-23 18:53:07 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Apparently you are a legal resident. If you are of normal student age you are probably better off taking a standard deduction.
As to state, that's one of the problems with a federal system. There are 51 different sets of rules.
2007-04-04 06:39:30 · answer #3 · answered by obelix 6 · 0⤊ 2⤋
repayment of E L are deductible under 80C. 80 C provides for a maximum deduction of 100000/- Along with E L repayment, PF, LIC/PLIC PREMIA, EXPENDITURE ON CHILDREN"S EDUCATION, are also deductible. How ever the maximum eligible deduction is 100000/- with all the above cited categories combined together.
2016-05-17 05:46:29 · answer #4 · answered by ? 3 · 0⤊ 0⤋