Tax Tips 2017: Student Loan Debt
Student Loan Debt
School loans can total up to be a large sum of money. In addition to that there is interest that must be paid as well. Luckily, you are able to write of the amount of interest you paid that year on your taxes up to $2,500.
This deduction can be taken not only if you make the payments, but if someone else makes the payments for you as well. The IRS sees it as you are receiving money from them and then in turn making the payments for the loan.
If you want to know if you qualify for these deductions, give us a call at (714)-533-2600 to schedule a FREE consultation to make sure you are maximizing your deductions.