I paid all my bills, some with the loan money. But he says he can claim me on his taxes because that loan money is considered support because he's the co-signer. Is that true? I'm paying the loan off now, and he's not helping...
2007-04-16 13:23:15 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Everything else counts. I lived there at least six months, and I was a full time student. But I need to know if the loan was him supporting me, or if it was me supporting myself, because I took out the loan to support myself while I was in school.
2007-04-16 13:31:30 · update #1
I was a student, but worked. I DO have income to pay taxes on. If my dad claims me I have to pay back 20% of my refund. But that's not the point, I just want to know the answer to my question.
2007-04-16 14:10:37 · update #2
Your father (or anyone else) is not supporting you by co-signing a loan. A co-signer is simply a "backup" for the lender in case you fail to make your payments. The co-signer is known as a contingent payer.
2007-04-16 14:05:03 · answer #1 · answered by WealthBuilder 4 · 0⤊ 1⤋
To answer the question posed, if your father co-signed a loan for you, that alone is not considered support for you. Only amounts your father paid for your support is considered support for you.
If you provided over half of your own support then you cannot be a dependent. However you must consider the value of the food and housing provided to you by your parent, as well as transportation, gifts, any expenses paid by anyone else on your behalf. If those amounts are more than you paid, then your parents will claim you on their return as long as you were a student in 2006 under age 24 as of 12/31/2006.
And, if your parents claim you on their return, then they can take the amounts you paid for your education and get a credit for it.
2007-04-16 23:09:25 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
No it's not true. There's a worksheet on page 32 of IRS Publication 17 for calculating total support, and who provided what.
If you live at home, your share of the expenses of keeping up the home are part of support. Cosigning the loan isn't, though
If you lived with your dad for over half of the year, were a student and are under age 24, he can claim you IF YOU DIDN'T PROVIDE MORE THAN HALF OF YOUR OWN SUPPORT FOR THE YEAR.
2007-04-16 13:47:26 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
The loan is obviously not support. However, as a student you also have no income to get a tax refund on. If your father is helping you with college he can claim you and you should let him, it doesn't hurt you in any way.
2007-04-16 13:55:11 · answer #4 · answered by Landlord 7 · 1⤊ 2⤋
i'm no longer a smoker and that i'm kinda happy they're cracking down on them. i do no longer think of that's discrimination through fact they have a option to end. Everytime a smoker smokes around a non smoker they take 4 years their life, no bigger tax contained in the international might desire to probably pay for that.
2016-10-03 02:27:26 · answer #5 · answered by ? 4 · 0⤊ 0⤋
If you are a minor living at home he can claim you. Also if you are a student.
Your loan doesn't mean anything, it is not related to your tax status.
2007-04-16 13:28:50 · answer #6 · answered by Anonymous · 2⤊ 2⤋
No. not at all. In fact, you are the one paying off the loan ....
2007-04-16 13:47:29 · answer #7 · answered by xxxamazedxxx 2 · 0⤊ 1⤋
Tthe loan is not his and itt's not support.
2007-04-16 13:49:57 · answer #8 · answered by bestbet77 3 · 0⤊ 1⤋
he can claim you
2007-04-16 13:28:59 · answer #9 · answered by Jo Blo 6 · 0⤊ 1⤋