$100 Taxes
Personal Taxes
Q. Clarence College Boy was excited to be returning to college. What
costs were not covered by financial aid, his parents borrowed the money to
pay. Clarence knew he would make the monthly payments to repay the loan,
but the good news was he is in school and the student loan interest he
could deduct on his taxes.
A. False. One of the many planning considerations for the college aged
is who can best benefit from deducting the student loan interest. There
are many limitations, as in Clarence's case, the key to it is the loan is
in mom & dad's name. For college tax or financial aid planning, call
the professionals at Krumm & Associates, CPA's.
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