Earlier this year I paid off outstanding debts that my scholarships and grants did not cover. Can I deduct that money from taxes, and if so, what form can I use?
Earlier this year I paid off outstanding debts that my scholarships and grants did not cover. Can I deduct that money from taxes, and if so, what form can I use?
No, you cannot take a deduction for that. Principal payments of student loans are not deductible, only the interest is - if you both you and loan qualify.
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