I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

[Bsch4477]

The loan must be a qualified student loan for the benefit of you, your spouse, or your dependent. Loans from a qualified employer plan don't count, nor do private loans from family or friends.

[T-guru]

thanks Bsch4477,

what is considered a quaified loan?

this loan was strictly used for tuition.

[Bsch4477]

There is a good discussion of this here:

https://support.taxslayer.com/hc/en-us/articles/360015900671-What-is-a-qualified-student-loan-

[T-guru]

thank you!

 My son did recive a 1098-e and the loan is in his name.  I am the co-signer and claim him as a dependent.

can i claim the 1098-E or does he?

[LinaJ2020]

You can claim if you have met two of the following requirements in order to claim:

• You paid interest on a qualified student loan in the tax year 2019;
• You're legally obligated to pay interest on a qualified student loan;
• Your filing status isn't married filing separately;
• Your MAGI is less than a specified amount which is set annually; and
• You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.

For more information, click here:https://www.irs.gov/taxtopics/tc456

[Bsch4477]

You do.  Since he is your dependent he can’t claim it.