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  1. #1
    Join Date
    Aug 2011
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    1

    Default Tax Deduction As Co-Signer Paying Off Loan

    My question involves collection proceedings in the State of: CA

    I am co-signed on a student loan and, at this time, it appears that the primary borrower will not be paying it back so I need to begin making payments. My question is - can I, as the cosigner, receive a tax deduction for these payments since I am the one who is paying back the loan? If so, how does that work?

    Thank you.

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
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    86,324

    Default Re: Tax Deduction As Co-Signer Paying Off Loan

    Are you asking about the Student Loan Interest Deduction?

  3. #3
    Join Date
    Sep 2010
    Posts
    14,349

    Default Re: Tax Deduction As Co-Signer Paying Off Loan

    As bullwinkle is alluding, PAYMENTS on loans aren't generally deductible. INTEREST sometimes is. In this case you'll need to check to see if you meet the requirements but if you were a cosigner and you meet the income and other requirements, you could.

  4. #4
    Join Date
    Jul 2007
    Location
    Florida
    Posts
    2,344

    Default Re: Tax Deduction As Co-Signer Paying Off Loan

    You might also consult Pub 970 for details. The loan would have to be for someone who was your spouse or dependent at the time the loan was taken out.

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