SL rehabilitation and tax deduction

[ubuubu]

I currently have a SL in Rehab and I was wondering if I can deduct this when filing taxes... I know for normal student loans not in default, you can deduct interest paid when filing taxes.

 

Does it apply the same way for loans in rebab?

[regainingcontrol1]

I just finished rehab and I received an Interest form from the loan company for the IRS so I'm assuming I can. I plan to, since they sent me the form to do so.

 

Edited to say: I finished rehab..I just now saw that you are still in it. I don't know if that makes a difference.

Edited January 24, 2008 by regainingcontrol1

[creditconqueror]

I am currently in rehab but I received a for 1098-E (student loan interest statement) from USA Funds c/o Sallie Mae Inc but I am not quite sure how it will work for me...

[Stryker]

Yes, you can deduct that amount in the statement. If you use tax prep software, you'll be prompted to enter the information.

[marmar]

I have a similar problem,my wages were garnished 8/2006. In feb/2007 I signed up for rehab with Isac, so in addition to the garnishment I paid $40 a month. Will I be able to claim this on my taxes?

 

 

or can I only claim the amout that was not part of the garnishment. My loan was taken out of default in Oct/Nov. and transfered to ACS.

 

thanks guys

[LynnInMN]

I have a similar problem,my wages were garnished 8/2006. In feb/2007 I signed up for rehab with Isac, so in addition to the garnishment I paid $40 a month. Will I be able to claim this on my taxes?

 

 

or can I only claim the amout that was not part of the garnishment. My loan was taken out of default in Oct/Nov. and transfered to ACS.

 

thanks guys

 

You should receive a 1098 for interest paid. However, since payment are applied to fees first, you might not have touched your interest.