HELOC for College Tuition

Forum|Forum|6 years ago
April 4, 2020
1 reply
0 views

I got a HELOC to pay for daughter's college tuition (graduate school) after the 529 ran out. I know the IRS changed the tax laws to no longer deduct HELOC interest as mortgage interest if not used for improvements to your home, but can I take the deduction if I exclusively used it for qualifying education expenses like tuition, room & board? I do not qualify for the two education credits - just over the income level.

Not A Product Question

Best answer by KrisD15

If your income level does not allow for the student loan interest deduction, the student may be able to claim it when they are no longer a dependent.

[Edited 04/04/2020 |3:55PM]

IRS Pub 970

KrisD15Answer

If your income level does not allow for the student loan interest deduction, the student may be able to claim it when they are no longer a dependent.

[Edited 04/04/2020 |3:55PM]

IRS Pub 970

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

ledtxAuthor

Thanks for clarification and for Pub. 970 which I re-read: so can I claim the HELOC under the Student Loan Interest Deduction (#4) that states under "No Double Benefit Allowed": "You can't deduct as interest on a student loan any amount that is an allowable deduction under any other provision of the tax law (for example, home mortgage interest)." ?