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What are the qualifications for the Student Loan Interest Deduction?

You can generally take the student loan interest deduction if all of the following apply: You paid interest during the tax year on a qualifying student loan. Your filing status is not married filing separately. You are legally obligated...

What types of loans DO NOT qualify for the student loan interest deduction?

You cannot deduct student loan interest if the loan was from one of the following sources: A related person, OR A qualified employer plan. Related Person: You cannot deduct interest on a loan you received from a related person. Related...

What is a "qualified student loan"?

or Qualifying relative.You can find more information about dependents in Publication 501 , Exemptions, Standard Deduction, and Filing Information. Exceptions. For purposes of the student loan interest deduction, there are the following...

Form 1098-E: What do I do with my Student Loan Interest Statement?

Any interest that you paid on qualifying student loans is generally reported to you on Form 1098-E, Student Loan Interest Statement by the financial institution to which you made the payments. If you received a 1098-E, you can generally...

What is "investment interest"?

Interest that you paid on securities in a margin account Interest you paid on a loan that you took out to invest in a business with someone else Interest you paid on a loan that you used to buy stocks...

Interest You Paid - Overview

Home mortgage interest is interest that you pay on a loan secured by your main home or a second home. The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. A home can be a house...

Interest You Paid - How do I enter Points NOT Reported on 1098?

If you did not receive a Form 1098 from the recipient (bank, mortgage lender, individual, etc) of the points that you paid, contact that recipient to determine if you will be receiving a 1098 for this. In most cases, home mortgage interest...

Investment Interest Expense

If you borrow money to buy property you hold for investment (such as bonds or certain securities), the interest you pay is considered investment interest. Your investment interest expense my be subject to certain limitations. Generally...

Investment Interest Expense Deduction (Form 4952)

Form 4952 is used to determine the amount of investment interest expense you can deduct for the current year and the amount you can carry forward to future years. Your investment interest expense deduction is limited to your net investment...

Where do I enter mortgage interest?

From the Your account page, select Federal Section > Deductions > Enter Myself > Itemized Deductions > Mortgage Interest and Expenses For more articles and information on mortgage interest click here