Our children (24 & 25 yrs old) file their own taxes. We have been paying their student loans, can we deduct the interest?

[Vanessa A]

It depends.  If you are legally liable for the loans (a cosigner or the loans were parent plus loans) then yes, you can deduct the interest.  If you are not legally liable for the loans you cannot deduct the interest on the loans. 

[Hal_Al]

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

1. You 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 (the TT pop up says “when you took out the loan”)

[Iknowaguy]

Thank you! Appreciate the quick answer!

[Iknowaguy]

Thank you so much for the quick reply!