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mcgowaji
New Member

Will either me or my father receive a tax break if I have paid 2k in interest for a student loan in his name?

 
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1 Reply
Carl
Level 15

Will either me or my father receive a tax break if I have paid 2k in interest for a student loan in his name?

The person who has a "legal obligation" to pay the loan, can claim the interest - but only the interest they actually paid. Generally, the parent should be the primary borrower on the loan, and that's whose SSN will be on the 1098-E. However, if you are a co-borrower on the loan, then you DO have a legal obligation to pay it. Therefore, you can claim the interest that you actually paid.

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