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    OneSolution's Avatar
    OneSolution Posts: 54, Reputation: 1
    Junior Member
    		  
    #1

    Feb 16, 2010, 08:37 AM
    Scholarship Loan Deduction
    I came to USA in 2006 and got a Scholarship LOAN from a Association in UK of $ 3500 ( Check was sent directly to University in Pound Currency from UK) . At that time I was on F1 visa and filed as Nonresident tax.

    Now I am on H1b and will file as Resident.

    This year I have to payback my loan back to the association who gave me the loan.

    If I payback the Loan amount, Can I file for the deduction for the same amount when I file for next year?

    I have two options, pay the loan back from India or USA!

    What would be the best option to go about?

    Thanks
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 17, 2010, 06:31 AM

    Loan amount payment is not deductible.
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