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#1
12-23-2006, 05:47 AM
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 Re: Interest on a loan from a private individual to fund education msimonkey wrote: - quote - > A wealthy private individual loaned me some money to finance
No. Loans are not income, nor are they deductible. The> my education in college. Can this loan be deducted on my > taxes? I have since graduated school and am currently > working for him. interest you pay on such a "private" loan does not qualify as an educational loan, so is not deductible. << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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12-23-2006, 05:47 AM
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| Re: Interest on a loan from a private individual to fund education "msimonkey" <iram.mahomed[at]gmail.com> wrote: - quote - > A wealthy private individual loaned me some money to finance
As long as the private individual is not a relative, the> my education in college. Can this loan be deducted on my > taxes? I have since graduated school and am currently > working for him. loan source is immaterial. See Publication 970. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
12-22-2006, 05:34 AM
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| Interest on a loan from a private individual to fund education A wealthy private individual loaned me some money to finance my education in college. Can this loan be deducted on my taxes? I have since graduated school and am currently working for him. Thanks! << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| education, fund, individual, interest, loan, private |
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