Solved
He is fresh out of college and is employed but I paid off his Bank loans in full last year. If I am able to claim deductions or relief what forms do I need to fill out?
If you were legally obligated (did you co-sign?) to pay his student loans, you can deduct interest paid on a student loan. There is never a credit or deduction for paying off the principal on a loan.
STUDENT LOAN INTEREST
Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest. If you co-signed then you are legally obligated to pay if the primary borrower defaults or does not pay. If you did not sign or co-sign for the loan you cannot deduct the interest.
WHERE DO I ENTER STUDENT LOAN INTEREST
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.