I have 160k students Sallie Mae loans. I know I can deduct the interest, but how could one deduct the entire paid off loans? Could one do it through an LLC as an education expense, or perhaps pay cash for a piece of property, then take a loan against the property to pay off the loan? How could I possibly deduct the entire loan?
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March 8th, 2010 at 2:56 pm
While you are in school you are allowed to deduct the tution expenses you borrowed the student loan for so you might call your tax guy to see if you qualified and took that deduction while you were in school and if not if you can go back and ammend your tax return.
March 8th, 2010 at 3:13 pm
This site should help you http://www. studentfinancialadvisors. com