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J
jim89bucks
April 3, 2022
Question

Can I deduct student loan interest on my dependent's loan if I co-signed for it?

  • April 3, 2022
  • 1 reply
  • 0 views
I understand the student can not take the deduction.  The loan is in the student's name and I co-signed for the loan and made the monthly payments.  This is for a private loan.

1 reply

KrisD15
KrisD15
April 3, 2022

Yes, depending what you mean by "Private Loan".

Since you co-signed, and made the payments, you would be eligible to claim the interest as long as the loan was not made by a relative or empolyer plan. 

 

 

According to the IRS:

"Loans from the following sources aren't qualified student loans. • A related person. • A qualified employer plan."

Pub 970

 

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