My dad took out a PLUS loan for me when i was in school. I now make the payements on it and have proof that all payments were made from one of my accounts. Can i claim this on my taxes or am i out of luck. My dad files married filling seperately, so he cannot recieve the credit either.
2007-04-14 12:14:30 · 3 answers · asked by sleek 2 in Business & Finance ➔ Taxes ➔ United States
You can't deduct it if you are not legally required to pay it, so sounds like you're out of luck. Your dad could deduct it though, as long as he meets income requirements to deduct, and you were his dependent when the loan was taken out.
See if there's any way to get your name added to the loan, even if you dad's name is still on it also, and you'd be able to take it next year.
2007-04-14 13:04:10 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You have to see who the 1099 is for. If your name is on the 1099, you can take a deduction on Line 33 of the 1040. If your dad's name is on the 1099, you're out of luck. Try calling up the loan holder and have your name put as the person paying the loan so you can take the deduction for the student loan interest you're paying.
2007-04-18 12:44:08 · answer #2 · answered by peachygurl86 2 · 0⤊ 0⤋
Unfortunately, no. If it's in your dad's name, it's his credit to take - period. Sorry!!
2007-04-14 19:47:09 · answer #3 · answered by Wizzle 4 · 0⤊ 0⤋