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Will leave that for a better tax expert, just knew the car question, I had asked the same one to my CPA earlier.
Give it a couple days and if no other expert comes and follows up, ask the additional question, in a separate question, since it is not really the same as the original question |
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Blondie:
It is 99.9% likely that you are a cash basis taxpayer, since you need permission from the IRS to be an accrual basis taxpayer. That being the case, you CANNOT claim student interest that is accruing. You can only claim interest that you have actually PAID in the tax year in question. Since your student loan is in forebearance, the interest is accruing, to be paid at a future date. Assuming the law on student loan interest does NOT change, you will deduct it when you begin to make payments. |
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