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Can I dedut student loan interest payments if it is a foreign bank but the money was used to pay tuition from a US university.
I loan is from a foreign bank but used used for my bachelors degree. I am a tax resident.
Yes - you can deduct student loan interest from a foreign country, as long as the loan meets the requirements of being a student loan (a qualified student loan is a loan you took out solely to pay qualified higher education expenses) and you have legal obligation to make the loan payments.
The year-end statement is sufficient enough to claim the interest. When going through Turbo Tax interview, simply enter the name of your Lender and amount in box 1, as if form is received.
Note: all amounts must be entered in U.S. dollars on the U.S. tax return. You may use "government resources" or "external resources" in the below link for conversion:
https://www.irs.gov/Individuals/International-Taxpayers/Foreign-Currency-and-Currency-Exchange-Rates
Additional information:
https://www.irs.gov/Individuals/International-Taxpayers/Yearly-Average-Currency-Exchange-Rates
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