Is there a way I can get a deduction for paying off loans on which I was a cosigner?

Forum|Forum|1 year ago
January 25, 2025
1 reply
0 views

I rec'd a 1098E for the interest portion, but I make too much to get a deduction for that.

Best answer by xmasbaby0

No. The only deduction you get for a student loan is for payment of interest on the loan. There is no deduction for paying off the principal.

xmasbaby0Answer

Employee

No. The only deduction you get for a student loan is for payment of interest on the loan. There is no deduction for paying off the principal.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Hal_Al

Employee

The answer to the poster's question is No.

For others reading this, a related question is: Can I deduct student loan interest I paid on my child's education loan?

You can claim the interest deduction, if you meet the three requirements:

You actually paid the interest
You are legally obligated to pay it (co-signing counts)
The student was your dependent, at the time the loan was used to pay for qualified educational expenses