The following link may help you:
You may be able to deduct interest on loan (not loan itself) up to $2500.
The information provided by the Law Office of Magda Abdo-Gomez on this web site is intended solely for informational purposes. Any information on this site is general in nature, and since the law is always evolving, may not reflect current legal developments or the current state of the law on the particular topic. None of the information provided on this website should be considered professional legal advice nor should it be relied or acted upon in any way without consulting qualified legal counsel. Neither transmission, nor receipt, nor use of the information on this site constitutes or creates an attorney-client relationship, nor is the information provided on this site an invitation to form an attorney-client relationship. The Law Office of Magda Abdo-Gomez encourages you to contact the office if you require legal counsel, however, none of the information you communicate to us by e-mail or in any other manner will be assured of confidential treatment until the Law Office of Magda Abdo Gomez acknowledges and agrees that an attorney-client relationship has been created. In fact, until such a relationship is established, we will assume that any information you send us is not confidential and that we may represent parties with interests which may be adverse to yours. Magda Abdo-Gomez is licensed only in the state of Florida. However, bankruptcy and tax laws are federal in nature.
Your is a question which should be addressed to your tax consultant, Without ore information, no one here can answer with certainty. Hopefully you already filed your tax return or got an extension as you are more than a month past the deadline for filing.
Although AVVO describes this site as providing free legal advice, it is really a simple Q&A forum. The volunteer attorneys provide general answers. No specific legal advice is given here and no attorney-client relationship is established. For precise direction and legal advice, please consult in person with an attorney in your area. Be sure to bring all relevant paperwork with you.
There are a number of factors that determine how much of a certain deduction you are allowed such as your total adjusted gross income (AGI) and other deductions. When you receive your 1098 and other income documents at the end of January take them to your tax preparation specialist and they will be able to present your options to you.
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