Student debt interest ownership

If I have been paying off a loan, but my parent's name is on the loan, can I claim the interest for a deduction? My parents do not claim me on their taxes.

posted

It depends, if it is your student loan, you are legally obligated. You can claim the deduction if all of the following apply:

You paid interest on a qualified student loan in tax year 2016;
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.

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