Student Loan Interest Tax Question?
I am currently doing my parents tax return in which they claim me as a dependent. The IRS says if my fathers name is NOT on the loan, than it cannot be deductible. However my father is a co-signer on the loan. Does my father being a co-signer on a student loan qualify for a student loan interest deduction?
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Answer by v b
A cosigner is not the borrower. Any amounts paid by him are gifts to you and treated as having been paid by you.
Since you are the dependent, you can't deduct it. Since he didn't pay it, he can't eitehr.
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