As a sole proprietor can I right off my student loan payments?

Question

I'm a sole proprietor and took out a large student loan about 7 years ago. I continue to make monthly payments. Can I write this off my taxes as a business expense?

The reason I ask is because I know that there are many educational expenses that as a business owner I can write off, such as business seminars, business education courses and any books or materials that furthur my business education. I don't see how my college education would be any different.

Answer 1

No.....just the interest like anyone else........but not as a business expense.

Answer 2

Along with being a sole-proprietor you are an individual as well, and you have a place on the 1040 to deduct student loan interest on your personal part of the return.

It isn't a business expense, it is student loan interest.

http://www.irs.gov/faqs/faq-kw187.html

good luck

Answer 3

It is a buyers market. Houses are cheap now. I would pay off the loan and set the $500 back each month toward the purchase of your new home. You will have saved $5000 within 10 months, saved the interest, knocked a loan off of your credit report which should increase your score

Answer 4

I do believe that interest on a student loan is deductible for only the first 60 months of the payback period, which means the first five years. If your loan was taken out seven years ago, you're past the time frame during which you may deduct the interest.

Answer 5

You can write off the INTEREST you paid on your student loan, but not the total payment.

Answer 6

You took loan for studies, which were very crucial to your existing status in life. Do you think its fair to write off, which uplifted you in many aspects.

My advice;pay back what you owe to the nation.Keep your conscious clear for ever.