Can I get a tuition deduction with loans?
I took out loans to pay for my tuition as well as books and other fees in 2007. Nothing out of pocket. I have not yet begun to pay back the loan. I am not claimed as a dependant and am 26 years old. Can I still use this as a deduction?
Tags: Deduction, Loans, Tuition
Yes.
But only the portion used for tuition and fees. You can either take the “Tuition and Fees Deduction” or one of the education credits. Not Both.
Yes, you can get deduction or tuition credit e.g. hope credit, lifetime learning credit, etc. whichever is more beneficial for you.
If you did not have income, these deduction or credit are meaningless.
If you begin paying off the loan, the interest you pay can be deducted in the name of Student Loan Interest Deduction.
Good luck with your study!