Ask Experts Questions for FREE Help !
Ask
    windoc1's Avatar
    windoc1 Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 11, 2012, 05:41 PM
    Can I claim tax returns on money sent abroad for educational loan purposes?
    I am resident alien working on an exchange visitor (J1)visa. I have a lot of educational loans back home which I had to utilize in order to study in the Unites States and start working. I end up sending about $6000 a year to pay off my loans. Can I claim the amount on my tax returns?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Feb 15, 2012, 02:28 PM
    If you got a loan to pay ONLY for tuition and fees at a U.S. college, then you can deduct the INTEREST on that loan (but NOT principal), even if it was with a foreign bank.

    However, if you got a jumbo loan that paid for the tuition and fees AND other costs, such as travel, rent, food, etc. then THAT loan is NOT deductible in any way on your tax return.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Claim as a dependent for tax purposes [ 3 Answers ]

Hi, I am working in the US on an H1 for the past 3 years. Can I claim my sister (who is a grad student, under 24 and here on an F1) as a dependent on my tax return if she earned $20,000 through an internship in 2009? Thanks for your help.

In what country did you claim residence for tax purposes during the tax year? [ 6 Answers ]

What should be the answer to this question? In what country did you claim residence for tax purposes during the tax year? I have been in United States from Aug 2006 on F1. My visa status changed to H1-B on oct 1st,2009. I am filling form 1040NR-eZ. Thanks in advance!

Sample tips for foreigners who wants to claim their dependents for tax purposes. [ 4 Answers ]

I just want to share my experience in filing my tax return. I'm a foreigner working in the United States. If your spouse and child/children are not in the U.S. and you want to claim them as your dependents for tax purposes, here's what I did: 1. Instead of filing my returns through mail, I...

Can I claim my absentee kids on my tax returns? [ 3 Answers ]

My3 kids (15, 12 &7)live with my ex in Africa. Although they have never been in America before, a sizeable part of my income is remitted to them for their upkeep. Can I claim them when I file my taxes?

Tax on money tranfer from abroad [ 1 Answers ]

I retired from my job abroad before moving to the US and becoming a US legal resident (green card). My retirement pay is now up to 35K. I have asked my sister to transfer it here to my bank in the US. What must I do with regard to the IRS? Thank you.


View more questions Search