Sunday, November 20, 2011

Can a parent who paid off their child's school loan (in child's name )claim interest paid on income tax?

School loan is in child's name and under child's SS# but parent paid it off. Can parent deduct that interest in their own tax return

Can a parent who paid off their child's school loan (in child's name )claim interest paid on income tax?
No but the child can claim the interest as if he paid it
Reply:No one can claim that interest as interest expense...
Reply:No, sorry.
Reply:no...
Reply:I payed of my daughters loan it was in her name SHE claim it on income tax not me.
Reply:No. Only interest on specified home loans is deductible.


No comments:

Post a Comment