They still live with us and we provide room, car, insurance, food and more but could not afford college without them borrowing. Do the loans constitute support?
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Loans do not constitute support. If they otherwise meet the requirements to be claimed as dependents, you can still claim them. You may also be eligible for the American Opportunity Tax Credit for any qualified education expenses they paid out of pocket or with loans. When someone claims a dependent, it is whoever claims the dependent that can be eligible for the credit.
Loans do not constitute support. If they otherwise meet the requirements to be claimed as dependents, you can still claim them. You may also be eligible for the American Opportunity Tax Credit for any qualified education expenses they paid out of pocket or with loans. When someone claims a dependent, it is whoever claims the dependent that can be eligible for the credit.
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