A wealthy private individual loaned me some money to finance my education in college. Can this loan be deducted on my taxes? I have since graduated school and am currently working for him. Thanks!
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Interest on a loan from a private individual to fund education
Dec 22, 2006
2 Replies
As long as the private individual is not a relative, the loan source is immaterial. See Publication 970.
-- Phil Marti Clarksburg, MD
No. Loans are not income, nor are they deductible. The interest you pay on such a "private" loan does not qualify as an educational loan, so is not deductible.
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