Student Loan Interest Deduction

[sbl447]

I (stupidly) co-signed a student loan for a family friend, who now is rarely making payments. As the co-signer who has made at least 80% of 2022 payments, can I claim the interest? If so, how do I get a 1098 form, since they only send that to the primary borrower? (All they sent me was the total amount.)  I would have to only claim part of the interest total (my portion), so the amount I claim would be different from what is on the 1098 anyway. Would this throw up a red flag? And what if he tries to claim the interest, too?

[Hal_Al]

Q.  As the co-signer who has made at least 80% of 2022 payments, can I claim the interest?

A. No, unless the friend was you dependent, at the time he was going to school.  You can only claim student loan interest for yourself, your spouse or your dependents (or former dependents).

Q. And what if he tries to claim the interest, too?

A.  That may actually be allowed, under  the theory  that your paying the expense is just a gift to him, and it was therefore  really his money that paid it.

[Critter-3]

Find a way for the friend to refinance the loan and get you off of it.