If I payed off my student loan in a foreign country (Mexico) last year, can I deduct taxes from that debt?
in my american tax return? I am filing single, in the state of Washington and itemizing. The loan generated interest which is what I would like to be able to deduct...
United States - 2 Answers
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1 :
no. Not because it is Mexican, but because repaying a loan does not give rise to a deduction. getting a loan is not income and repaying it is not a loss.
2 :
You can if you paid student loan interest on a qualified student loan. Principal payments do not count. Also, if you make enough money, you cannot deduct all or any of the interest, which you might check into if you earned over $100k.
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