Contact UsMy sons college education was all done with school loans. He is now more than $100,000 in debt and cannot find a job. He will now default on a loan that I cosigned for and this will hurt my credit. How much interest on this college loan can I deduct each year on my Federal Tax Return? Can I deduct the interest on the loan if I live in the State of California?
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Tax Professional Answers
Conrado Mangapit, EA
You can deduct up to $2500 in student loan interest per year regardless of where you live. However, the deduction is phased out if your Modified Adjusted Gross Income exceeds those amounts listed in Publication 970.
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573 weeks ago