I am just trying to figure if I provide enough support to her to be able to claim her. We provide health care, health ins, vehicle and vehicle expenses, food etc. however she does take out student loans in her name to pay for medical school. We may end up helping her pay those off at some point. Are those student loans considered support in the calculation of support?
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Yes, it does count. The IRS in Pub 17 doesn't come out and specifically say it does but the two paragraphs below address the issue. The first talks about loans in general and the second uses an example of a dependent with student loans.
Enter the total funds belonging to the person you supported, including income received (taxable and nontaxable) and amounts borrowed during the year, plus the amount in savings and other accounts at the beginning of the year. Don’t include funds provided by the state; include those amounts on line 23 instead.Yes, it does count. The IRS in Pub 17 doesn't come out and specifically say it does but the two paragraphs below address the issue. The first talks about loans in general and the second uses an example of a dependent with student loans.
Enter the total funds belonging to the person you supported, including income received (taxable and nontaxable) and amounts borrowed during the year, plus the amount in savings and other accounts at the beginning of the year. Don’t include funds provided by the state; include those amounts on line 23 instead.Still have questions?
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