For the following situation
* Parent Plus Loan - in parents name; married filed jointly with a household income less than $100k
* Person making the payments on said Parent Plus Loan - independent single student making $60-$80k; child of the parents; not listed as an exemption on parents tax return
In what situation is it possible for the now independent student to claim the tax deductible interest on their personal taxes? For reference the amount of interest paid on the Parent Plus Loan is around ~$10k. I am aware that the most you can deduct is either $2,500 or the total amount of student loan interest you paid, whichever is less.
