Dependent status if most expenses come from cosigned student loan

Forum|Forum|7 years ago
February 23, 2019
1 reply
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If my undergraduate son took out student loans that I cosigned that provided for more than 50% of his support expenses, can I claim him as a dependent for tax purposes as I cosigned for the loan and therefore the funds technically belonged to both of us?

Z

ZTaxPro

Employee

Cosigning does not mean that the funds belong to the both of you. All you do when cosigning is to agree to pay the debt if your son does not. You have no right to the money. I think that if you pay the loans you can call that support, but if he is planning on paying them back he is providing the support.

N

NCPERSON1

ZTAXPRO - can you evidnece your response to support your position or is it simply your opinion?

Please read below to evidence the correct response

https://ttlc.intuit.com/questions/1901536-can-i-claim-my-student-loan/amp