topic Re: If I refinanced my private student loan, can I claim the interest from both companies in Education https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816925#M35717 <P>The deduction is still limited to $2500 total interest.&nbsp;</P> Fri, 22 Jan 2021 15:30:42 GMT Hal_Al 2021-01-22T15:30:42Z If I refinanced my private student loan, can I claim the interest from both companies https://ttlc.intuit.com/community/college-education/discussion/if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816860#M35715 Fri, 22 Jan 2021 15:00:21 GMT https://ttlc.intuit.com/community/college-education/discussion/if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816860#M35715 wcbbplyr 2021-01-22T15:00:21Z Re: If I refinanced my private student loan, can I claim the interest from both companies https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816892#M35716 <P>Yes - Interest you pay on&nbsp;student loans&nbsp;that you've&nbsp;refinanced&nbsp;or consolidated can still be deducted, as long as the new&nbsp;loan&nbsp;was used only to&nbsp;refinance&nbsp;qualified&nbsp;student loans.</P> Fri, 22 Jan 2021 15:15:59 GMT https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816892#M35716 Irene2805 2021-01-22T15:15:59Z Re: If I refinanced my private student loan, can I claim the interest from both companies https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816925#M35717 <P>The deduction is still limited to $2500 total interest.&nbsp;</P> Fri, 22 Jan 2021 15:30:42 GMT https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816925#M35717 Hal_Al 2021-01-22T15:30:42Z Re: If I refinanced my private student loan, can I claim the interest from both companies https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1818138#M35729 <P>To be deductible, the loan does not have to be with an official "student loan lender" and you can deduct interest even if you are not issued a 1098-E. &nbsp;(But, the IRS may send a letter asking for more proof.)</P> <P>&nbsp;</P> <P>The purpose of the loan must be traceable to your education expenses. &nbsp;You could even deduct interest on a credit card if you used a credit card to pay qualified education expenses. &nbsp;But once you use the credit card for other things, you lose the ability to trace how much interest is due to the qualified education expenses and you lose the deduction. &nbsp;If you refinanced with a private lender, and used some of the loan proceeds to pay for other things besides the prior student loan, you are at risk of losing that ability to trace the interest dollars back to your qualified expenses.&nbsp;</P> Fri, 22 Jan 2021 22:00:00 GMT https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1818138#M35729 Opus 17 2021-01-22T22:00:00Z
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topic Re: If I refinanced my private student loan, can I claim the interest from both companies in Education
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https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816925#M35717
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<P>The deduction is still limited to $2500 total interest.&nbsp;</P>
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<pubDate>Fri, 22 Jan 2021 15:30:42 GMT</pubDate>
<dc:creator>Hal_Al</dc:creator>
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If I refinanced my private student loan, can I claim the interest from both companies
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https://ttlc.intuit.com/community/college-education/discussion/if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816860#M35715
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Re: If I refinanced my private student loan, can I claim the interest from both companies
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https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816892#M35716
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<P>Yes - Interest you pay on&nbsp;student loans&nbsp;that you've&nbsp;refinanced&nbsp;or consolidated can still be deducted, as long as the new&nbsp;loan&nbsp;was used only to&nbsp;refinance&nbsp;qualified&nbsp;student loans.</P>
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<dc:creator>Irene2805</dc:creator>
<dc:date>2021-01-22T15:15:59Z</dc:date>
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<title>
Re: If I refinanced my private student loan, can I claim the interest from both companies
</title>
<link>
https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816925#M35717
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<P>The deduction is still limited to $2500 total interest.&nbsp;</P>
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<pubDate>Fri, 22 Jan 2021 15:30:42 GMT</pubDate>
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https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1816925#M35717
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<dc:creator>Hal_Al</dc:creator>
<dc:date>2021-01-22T15:30:42Z</dc:date>
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<title>
Re: If I refinanced my private student loan, can I claim the interest from both companies
</title>
<link>
https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1818138#M35729
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<P>To be deductible, the loan does not have to be with an official "student loan lender" and you can deduct interest even if you are not issued a 1098-E. &nbsp;(But, the IRS may send a letter asking for more proof.)</P> <P>&nbsp;</P> <P>The purpose of the loan must be traceable to your education expenses. &nbsp;You could even deduct interest on a credit card if you used a credit card to pay qualified education expenses. &nbsp;But once you use the credit card for other things, you lose the ability to trace how much interest is due to the qualified education expenses and you lose the deduction. &nbsp;If you refinanced with a private lender, and used some of the loan proceeds to pay for other things besides the prior student loan, you are at risk of losing that ability to trace the interest dollars back to your qualified expenses.&nbsp;</P>
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<pubDate>Fri, 22 Jan 2021 22:00:00 GMT</pubDate>
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https://ttlc.intuit.com/community/college-education/discussion/re-if-i-refinanced-my-private-student-loan-can-i-claim-the-interest-from-both-companies/01/1818138#M35729
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<dc:creator>Opus 17</dc:creator>
<dc:date>2021-01-22T22:00:00Z</dc:date>
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