My parents make less that 110,000 a year and I make no where near 55k/year. I was wondering who would be eligible for the write-off me or them?
Another question... Can I claim both the hope tax credit AND the student loan interest tax deduction?
2007-12-14 05:29:37 · 2 answers · asked by DVP 1 in Business & Finance ➔ Taxes ➔ United States
The ability to claim the Hope credit goes with the dependency. Your parents will be able to claim the credit even if you paid the expenses.
The student interest deduction is separate. It also goes with the dependency. So if you are the one legally obligated to repay the loan and you are claimed as a dependent by your parents, neither one of you will get the deduction.
2007-12-14 05:38:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They'd get the Hope Credit if you are their dependent.
An education credit does not keep you from deducting student loan interest.
2007-12-14 13:36:34 · answer #2 · answered by Judy 7 · 1⤊ 1⤋