Unfortunately, no. You can take the student
loan interest deduction for interest that you paid on the student loans in your
name, but you cannot deduct interest on loans that are in your parents’ names.
You can claim the deduction only 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.
For more information, please see IRS Tax Topic 456 - Student Loan
Interest Deduction.
