If I already paid 2500 in interest, does that mean that any additionl interest I pay this year is not deducted

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If I already paid 2500 in interest, does that mean that any additionl interest I pay this year is not deducted

2007-08-21 17:10:54 · 2 answers · asked by Steven D 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

$2500 for student loan interest? If so, yes, that is the maximum amount you can deduct. But that is per year. If you pay 2500 this year, you can deduct 2500 the next year.

2007-08-24 05:10:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋

I assume you are talking about student loan interest. Yes, $2500 is the maximum that can be deducted in any one year

2007-08-21 18:47:32 · answer #2 · answered by Judy 7 · 0⤊ 0⤋