If a non custodial parent took out loans in there name for their child and is still paying on them are they entitled to take student loan interest deduction untill it is payed off. In this scenario the child is now out of school and claiming themselves on their return. The loan is in the parents soc. sec. number and they are required to pay it off.
Yes if when the loan was taken out the child was their dependent.
Assume that the parent who took out the loan was divorced and was not claimed by him or her but by the other parent. Is this deductible?
I would say yes if they were supporting the child and just didn't claim the exemption due to the divorce.
I agree with TAXOH
The student loan interest is deductible by the parent who is responsible for paying the loan and indeed did make the payments. The child does not have to qualify as a dependent as long as the child was a dependent when the loan was incurred.
