Can student loans be tax deductable?

I have an enormous student loan amount, and my parents said they'd help me pay it off, so I'm wondering if student loans are tax deductable?

Can student loans be tax deductable?

The interest is tax-deductible for most taxpayers. The tuition was deductible in the tax year the tuition was paid (or billed to student loans).

Can student loans be tax deductable?

The loan is not a deduction but the interest is on your 1040 just as a mortgage is

Can student loans be tax deductable?

I know if you do not pay it they can report it as earnings. Now isn't that a kicker.

Can student loans be tax deductable?

The loan itself is not a tax deduction. The interest paid on the loan can be taken as a deduction. Every year, the lender will send you a document of all interest paid. You will report the interest paid on your Form 1040- Federal Income Tax Return. There is a line for it. Read the instructions, or buy ultra tax.

Can student loans be tax deductable?

As others have said, interest on student loans is deductible. On the 2005 1040 the deduction is taken on line 33. This is an 'above the line' deduction. That means it is taken before AGI is determined.

Can student loans be tax deductable?

If your parents aren't liable for the loan, then they can't deduct payments that they make if they help you.