UK Student loans and tax deductions in the US
Jan 30th 2006, 11:58 pm
#1
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UK Student loans and tax deductions in the US
Anyone know if you can deduct your UK student loans payments on your US tax returns?
Jan 31st 2006, 12:12 am
#2
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Re: UK Student loans and tax deductions in the US
Originally Posted by Terrier
Anyone know if you can deduct your UK student loans payments on your US tax returns?
Fatbrit, any chance of an answer ??
Jan 31st 2006, 12:51 am
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Re: UK Student loans and tax deductions in the US
Originally Posted by BigDavyG
Good question.
Fatbrit, any chance of an answer ??
Fatbrit, any chance of an answer ??
I would be surprised - plus even in the UK there is a date that you can get relief from but it is quite recent#
Says the old fart!!!
Jan 31st 2006, 12:52 am
#4
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Re: UK Student loans and tax deductions in the US
I think it falls under a grey area, I was told by my local IRS office that no, I couldn't, because it wasn't a US loan, but my missus could....if they ever get around to giving her the student loans for her masters...Kings aren't helping much either *l*
Jan 31st 2006, 1:49 am
#5
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Re: UK Student loans and tax deductions in the US
No you can't, I tried last year.
Jan 31st 2006, 2:26 am
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Re: UK Student loans and tax deductions in the US
Originally Posted by Duncan Roberts
No you can't, I tried last year.
Jan 31st 2006, 2:43 am
#7
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Re: UK Student loans and tax deductions in the US
Originally Posted by BigDavyG
Good question.
Fatbrit, any chance of an answer ??
Fatbrit, any chance of an answer ??
No idea! When I went, it was free!
Jan 31st 2006, 4:16 am
#8
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Re: UK Student loans and tax deductions in the US
This, from publication 970, would appear to rule it out (but who really knows?):
"Eligible educational institution. An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions.
Certain educational institutions located outside the United States also participate in the U.S. Department of Education's Federal Student Aid (FSA) programs.
For purposes of the student loan interest deduction, an eligible educational institution also includes an institution conducting an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training.
An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility."
http://www.irs.gov/publications/p970/ch04.html
"Eligible educational institution. An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions.
Certain educational institutions located outside the United States also participate in the U.S. Department of Education's Federal Student Aid (FSA) programs.
For purposes of the student loan interest deduction, an eligible educational institution also includes an institution conducting an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training.
An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility."
http://www.irs.gov/publications/p970/ch04.html
