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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 02-02-2016, 03:06 AM
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Josiegirl Josiegirl is online now
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Default Non-Daycare Related Tax Question

Hi Tom, hope you can help me with this. Both my dds are now college grads. Some loans are in their names(Stafford, Sallie Mae, etc.) and other loans are in my name(parent plus loans). Can they only use the loans under their name for their taxes or is there any way they can include the Parent Plus loans too? They pay it all, if that makes any difference.
Thanks!!
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Old 02-02-2016, 10:51 AM
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Originally Posted by Josiegirl View Post
Hi Tom, hope you can help me with this. Both my dds are now college grads. Some loans are in their names(Stafford, Sallie Mae, etc.) and other loans are in my name(parent plus loans). Can they only use the loans under their name for their taxes or is there any way they can include the Parent Plus loans too? They pay it all, if that makes any difference.
Thanks!!
I don't know the answer to your question. See IRS Publication 970: https://www.irs.gov/publications/p970/ch04.html
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Old 02-02-2016, 11:39 AM
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Originally Posted by Josiegirl View Post
Hi Tom, hope you can help me with this. Both my dds are now college grads. Some loans are in their names(Stafford, Sallie Mae, etc.) and other loans are in my name(parent plus loans). Can they only use the loans under their name for their taxes or is there any way they can include the Parent Plus loans too? They pay it all, if that makes any difference.
Thanks!!
I had a PLUS loan through my dad and could not deduct interest on it, only my stafford loans. He could though, so if it is a parent loan, you can deduct the interest on your taxes. (Not an accountant, just based on what our accountant said)
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