![]() Be a qualified student: Next, the loan must be taken out on behalf of a qualified student in order to deduct the interest. ![]() Only loans from the federal government or a private lender will qualify. The same is true if your employer offers student loans as part of a company benefit. So, if your grandma offers you a loan for your education, and you pay interest to her on top of making principal payments, you can’t deduct that interest. Not only that, but it can’t be a loan from someone related to you, or provided as part of a qualified employer plan. The IRS says that the loan must be taken out to pay for qualified education expenses.
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