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Can I deduct a private student loan that been paid off in full?

 
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Can I deduct a private student loan that been paid off in full?

You can deduct up to $2,500 of qualifying interest you paid on your student loans. You should have received a 1098-E from your lender.

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Can I deduct a private student loan that been paid off in full?

Who paid it off?

Can I deduct a private student loan that been paid off in full?

You can deduct up to $2,500 of qualifying interest you paid on your student loans. You should have received a 1098-E from your lender.

LisaBr
New Member

Can I deduct a private student loan that been paid off in full?

You can deduct the interest paid on your Private Student Loan. 

You will receive a 1098-E from the Institution.

The following link will be helpful to explain Student Loan Interest:

https://turbotax.intuit.com/tax-tips/college-and-education/what-is-a-1098-e-student-loan-interest/L8...

Can I deduct a private student loan that been paid off in full?

Loans from the following sources aren't qualified student loans.

Related person.   You can't deduct interest on a loan you get from a related person. Related persons include:

Your spouse;
Your brothers and sisters;
Your half brothers and half sisters;
Your ancestors (parents, grandparents, etc.);
Your lineal descendants (children, grandchildren, etc.); and
Certain corporations, partnerships, trusts, and exempt organizations.
Qualified employer plan.   You can't deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan.
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