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My son received a 1098-E from Sallie May for interest paid. I actually paid the interest, so can I deduct this as an education expense? The loan is in his name only.
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Q. So can I deduct this as an education expense?
A. No, because it is in his name only. You don't meet #2.
You can claim the interest deduction, if you meet the three requirements:
- You 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 (the TT pop up says “when you took out the loan”)
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