Comments for BookSmartLoans.com

Comment on Are Student Loans considered income to the IRS? by Shone

Shone — Fri, 19 Dec 2008 09:14:17 +0000

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Comment on Are Student Loans considered income to the IRS? by Judy

Judy — Tue, 16 Dec 2008 09:30:54 +0000

A loan, student loan or not, is not income no matter what you use it for - a loan means you have to pay it back.

If you default on a loan and the lender writes it off, then you could become liable for tax on the amount written off since it could be considered as income.

Comment on Are Student Loans considered income to the IRS? by in love with superman

in love with superman — Sun, 14 Dec 2008 14:12:45 +0000

No the loan is not income. You should receive a form at the end of the year stating how much interest you paid to the financial institution you are paying the money back to and that is a credit on your tax return. Any interest you EARN on the money is taxable and you should receive a 1099-int from the financial institution you have the money in IF it is an interest bearing account. Check out the irs.gov website. There are many deductions and credits for college students.

Comment on Can you claim your 2006 taxes that the govt took for student loans on your 2007 return as a deduction? by ninasgramma

ninasgramma — Fri, 12 Dec 2008 18:09:18 +0000

Some of your loan repayment in 2007 was made through your tax refund. You are considered to have paid those amounts. Any part of that amount that was paid that is interest can be deducted by you on your 2007 tax return, assuming your income is below the threshold for the student loan interest deduction.

You need to get a statement from the lender as to what payments were made in 2007 and how much of that was interest. You will likely get a 1098 from the lender with this information, which will include interest payments that were part of the refund.

Comment on Do lenders view student loans just as they do other debt such as credit cards? by afrlim

afrlim — Fri, 12 Dec 2008 10:24:57 +0000

Try visit . It’s a portal to understand about debts, loans and bankruptcy. It may helps

Comment on Are Student Loans considered income to the IRS? by csabrinam

csabrinam — Thu, 11 Dec 2008 15:46:30 +0000

Yes and no, If you use the loan as for tution, it will not be concider income. But it does however help you use the intrest you pay as a deduction later on. And for now that your in school and u use it toward tution and books, it help you apply for a education credit on taxes. Yes it’s income if you use it for boarding expenses and personal needs.

Comment on Are Student Loans considered income to the IRS? by Fool in the Rain

Fool in the Rain — Wed, 10 Dec 2008 22:23:38 +0000

No, but if you use the money for anything other than school (tuition, books, etc.) you have to report the money as income on Line 21 of your tax return.