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Student loan question

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Filed: Timeline

I have a heavy amount of student loans from Canada, both private and gov't. Will I be able to claim anything (ie. interest payments etc..) on my US taxes?

I have done some research regarding this and I am under the impression that you can... I just haven't talked to anyone who has a definitive answer. As with anything visa related, I have assumptions that there are hoops to jump through... but that may not be the case.

That, and if anyone has advice on cross boarder loan payments I would very much appreciate it. I would eventually like to get to a place where I can just take out a hefty loan here in the US and utilize the exchange rate (which is in my favor right now)... maybe someone knows of a way to consolidate foreign loans here in the US.

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Filed: Citizen (apr) Country: Canada
Timeline

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Filed: K-1 Visa Country: Mexico
Timeline

I have a heavy amount of student loans from Canada, both private and gov't. Will I be able to claim anything (ie. interest payments etc..) on my US taxes?

I have done some research regarding this and I am under the impression that you can... I just haven't talked to anyone who has a definitive answer. As with anything visa related, I have assumptions that there are hoops to jump through... but that may not be the case.

That, and if anyone has advice on cross boarder loan payments I would very much appreciate it. I would eventually like to get to a place where I can just take out a hefty loan here in the US and utilize the exchange rate (which is in my favor right now)... maybe someone knows of a way to consolidate foreign loans here in the US.

I highly doubt the Canadian government issues 1098-E forms (IRS document)

How do I qualify for the student loan interest deduction?

You are eligible to take the student loan deduction if you meet the following qualifications:

  • Your modified adjusted gross income* is less than $80,000 ($160,000 if Married Filing Jointly). The deduction is reduced (phased out) when your modified adjusted income (MAGI) is between $65,000 and $80,000 when filing as Single, HOH, or Qualifying Widower ($130,000 and $160,000 for filing Married Filing Jointly).
  • The loan was taken out solely to pay qualified education expenses.
  • The student must be you, your spouse, or your dependent.
  • The student must have been enrolled at least half-time in a degree program.
  • Your qualified education expenses must have been paid or incurred within a reasonable period of time before or after the loan is taken out using a federal post secondary education loan program.
  • Your loan was for you to attend an eligible educational institution such as a college, university, vocational school,or other post secondary educational eligible to participate in a student aid program administered by the U.S. Department of Education.
Edited by msbau764

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