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jcnoel
New Member

Is there a way I can get a deduction for paying off loans on which I was a cosigner?

I rec'd a 1098E for the interest portion, but I make too much to get a deduction for that.
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Accepted Solutions

Is there a way I can get a deduction for paying off loans on which I was a cosigner?

No.     The only deduction you get for a student loan is for payment of interest on the loan.  There is no deduction for paying off the principal.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

Hal_Al
Level 15

Is there a way I can get a deduction for paying off loans on which I was a cosigner?

The answer to the poster's question is No. 

 

For others reading this, a related question is: Can I deduct student loan interest I paid on my child's education loan?

You can claim the interest deduction, if you meet the three requirements:

  1. You actually paid the interest
  2. You are legally obligated to pay it (co-signing counts)
  3. The student was your dependent, at the time the loan was used to pay for qualified educational expenses

 

View solution in original post

2 Replies

Is there a way I can get a deduction for paying off loans on which I was a cosigner?

No.     The only deduction you get for a student loan is for payment of interest on the loan.  There is no deduction for paying off the principal.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Level 15

Is there a way I can get a deduction for paying off loans on which I was a cosigner?

The answer to the poster's question is No. 

 

For others reading this, a related question is: Can I deduct student loan interest I paid on my child's education loan?

You can claim the interest deduction, if you meet the three requirements:

  1. You actually paid the interest
  2. You are legally obligated to pay it (co-signing counts)
  3. The student was your dependent, at the time the loan was used to pay for qualified educational expenses

 

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