Hi JaimeG et al.,
Your answer is as close as I've been able to get to an answer for this scenario. I even talked to the IRS today and they claimed that the 2019 IRS Pub 970 (pg 34-35) was all that covered it. I mentioned it seems incomplete and we left it at that.
I'd like to add a couple words (bolded below) to clarify further, but I'd appreciate your/others feedback on the accuracy of my additions. Here goes:
"Yes, a parent who cosigned student loans may claim the student loan interest deduction. To claim the student loan interest deduction, the borrower must be 1) legally obligated to make the payments on the student loans (this includes co-signers) and 2) the Student must currently be a dependent of the Cosigner, or 3) have been a dependent of the Cosigner at the time that the loan was approved. Again, Cosigning the loans counts as legally obligated to make the payments."
The "...2) have been a dependent of the Cosigner at the time that the loan was approved." is the meat of the part I've added and I'm unsure about. Any comments or corrections are very welcome.
Regards . . .
