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Question

My son filing his taxes, I will not add him as dependent, can I (Co-Signer) still claim interest I paid on his education loan in my taxes?

Forum|Forum|5 years ago
March 14, 2021
1 reply
0 views

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Employee

Yes, since you paid it and had a legal obligation to pay it.

There's one additional requirement: he must have been your dependent at the time the loan money was used to pay educational expenses.

rekha_akhilAuthor

Thank You!

It depends. If the child was your dependent, then yes you can claim the interest deduction. If your child wasn't your dependent when you took out the loan, then you won't be able to claim the interest. This is true even if you are the cosigner and you paid the interest, and you are legally responsible for the loan.

Here is a link to IRS Topic 456 which lists the eligibility requirements.