Can student loans be tax deductable?
966497
The interest is tax-deductible for most taxpayers. The tuition was deductible in the tax year the tuition was paid (or billed to student loans).
231766
Yes, deductible for tax purposes from the rental income
840639
it's called student loans.
133098
If he received a 1098 from his school, then he should claim it. With that said, almost all financial aid is tax deductible, so he should include it in his return but it won't count against him.
51339
No, it shouldn't be. It is a loan that you have to pay back (with interest). Income is taxable.
254196
Yes. Any expense that is ordinary and necessary for you to run your business is deductible. There are to many to list here. To sum it up if you have to have it to make your business run than it IS a deduction. Also if you do your billing or keep you records in your home you might be able to take a home office. You can take such little thing as sunglasses off. I would not want to be behind a trucker with the sun in their eyes. Good luck.
687366
The part of the tax code that prevents you from deducting long term care insurance is the same part of the code that doesn't say you can deduct it.\n\nThe only things that are deductible are the things the tax code says are deductible. Since the code doesn't address a deduction for long term care insurance then it is not deductible.
765559
You settle your student loans with your lender not with the IRS.  You report your student loans to the IRS because it is a tax deduction.  If you claimed the loans without paying them and want to reconcile that with the IRS you contact the IRS, which can be done online.  You will have to resubmit your tax return and pay any penalties.
273964
Not sure about CA rules, but Fed does allow you to deduct any education related expenses (up to a maximum).  This is tuition, fees, books, pencils, and computers, though they don't count any room & board.  You have the option of filing it out as a deduction (where you deduct it from AGI and calculate your tax afterward) or you can take the lifetime learning credit (where they give a break on the actual final tax amount that you owe).  The limit on the deduction is $4,000.  The credit is a calculation based on many factors.  \nIt will depend on several things such as income and other deductions as to which is more beneficial.  Calculate it both ways and figure out which nets you the best result.  For the computer, you can only deduct the % that you use for school, so if you also play around on it a lot, that % is not deductible (though it is nearly impossible for the IRS to refute the % you use).\nDon't forget that any student loans count toward the overall expense for the year.  Even though you don't have to pay them back immediately, you are taking on that liability.
1078809
I'm only answering because the first answerer couldn't be more wrong.\n\nGet tax software (like TaxCut) and do your taxes. It shows you everything that you can deduct. Alternatively you could go through IRS publications on the IRS website.
658880
Assuming you're referring to deductions that can be claimed on an individual return (as opposed to a business return)...\n\nBelow is a list of helpful publications from the IRS.  These publications do include examples of items that are deductible, however keep in mind the IRS is great at telling you what you what is not deductible - in other words their advice is not "aggressive" when it comes to deductions.\n\nForm 1040, Schedule A (Itemized Deductions) -  http://www.irs.gov/pub/irs-pdf/f1040sab.pdf\n\nInstructions to Schedule A - http://www.irs.gov/pub/irs-pdf/i1040sa.pdf\n\nAdditional Guidance on Deductions for Medical Expenses - http://www.irs.gov/pub/irs-pdf/p502.pdf\n\nDeductions for Mortgage Interest - http://www.irs.gov/pub/irs-pdf/p936.pdf\n\nDeductions for Investment Interest - http://www.irs.gov/pub/irs-pdf/p550.pdf\n\nDeductions for Charitable Contributions - http://www.irs.gov/pub/irs-pdf/p526.pdf\n\nDeductions for Casualty & Theft Losses - http://www.irs.gov/pub/irs-pdf/p547.pdf\n\nDeductions for Job Expenses & Other Miscellaneous Deductions - Unreimbursed http://www.irs.gov/pub/irs-pdf/p529.pdf
163079
You probably qualify for the Lifetime Learning tax credit or you may qualify for an educational expenses deduction (you can take one of those but not both). If you're getting a refund, taking the deduction is better than taking the credit because the credit is non-refundable, but the deduction will lower your taxable income. If you owe a lot, the credit usually works out to be better. Qualified educational expenses are pretty much just tuition and fees (not books). See the 1040 instructions (the link below goes to a PDF version) to find out if you qualify for the deduction (page 34) or the credit (page 40). Form 8863 is the one you file for the credit, and it has more instructions on whether you qualify or not. Good luck!
845836
school loans are not reportable on your taxes. The interest IS Deductible! School loans must be repaid and are not even chargeable in a bankruptcy.
821286
No, loan proceeds aren't taxable whether they are student loans or some other kind of loan.
234689
Maybe I misunderstood the question. Did you say student loan? Student loans are given for the purpose of getting an education, not for buying appliances. If you took this money under false pretenses, you could be up the creek. You need counceling a lot more professional than you are going to find on Yahoo.
572735
Do you mean, do you have to pay taxes to the IRS on a personal loan, say, from a bank? Not that I am aware of. I've never had to pay taxes on a car loan, for instamce (on the car, yes, on the loan, no). In fact, some loans - such as home equity lines of credit - you can take a tax deduction on the interest.
673860
To an extent yes as the loan is tax deductible.  The problem arises if the loan is for 15 years and the car only lasts 5.  That means you are paying an additional 10 years for something that you no longer have.