Comments on: Are Student Loans considered income to the IRS? http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/ Fri, 19 Dec 2008 09:14:17 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Shone http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/comment-page-1/#comment-48 Shone Fri, 19 Dec 2008 09:14:17 +0000 http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/#comment-48 I definately recommend They have a lot of good resources. I definately recommend They have a lot of good resources.

]]> By: Judy http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/comment-page-1/#comment-47 Judy Tue, 16 Dec 2008 09:30:54 +0000 http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/#comment-47 A loan, student loan or not, is not income no matter what you use it for - a loan means you have to pay it back. If you default on a loan and the lender writes it off, then you could become liable for tax on the amount written off since it could be considered as income. A loan, student loan or not, is not income no matter what you use it for – a loan means you have to pay it back.

If you default on a loan and the lender writes it off, then you could become liable for tax on the amount written off since it could be considered as income.

]]> By: in love with superman http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/comment-page-1/#comment-46 in love with superman Sun, 14 Dec 2008 14:12:45 +0000 http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/#comment-46 No the loan is not income. You should receive a form at the end of the year stating how much interest you paid to the financial institution you are paying the money back to and that is a credit on your tax return. Any interest you EARN on the money is taxable and you should receive a 1099-int from the financial institution you have the money in IF it is an interest bearing account. Check out the irs.gov website. There are many deductions and credits for college students. No the loan is not income. You should receive a form at the end of the year stating how much interest you paid to the financial institution you are paying the money back to and that is a credit on your tax return. Any interest you EARN on the money is taxable and you should receive a 1099-int from the financial institution you have the money in IF it is an interest bearing account. Check out the irs.gov website. There are many deductions and credits for college students.

]]> By: csabrinam http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/comment-page-1/#comment-45 csabrinam Thu, 11 Dec 2008 15:46:30 +0000 http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/#comment-45 Yes and no, If you use the loan as for tution, it will not be concider income. But it does however help you use the intrest you pay as a deduction later on. And for now that your in school and u use it toward tution and books, it help you apply for a education credit on taxes. Yes it's income if you use it for boarding expenses and personal needs. Yes and no, If you use the loan as for tution, it will not be concider income. But it does however help you use the intrest you pay as a deduction later on. And for now that your in school and u use it toward tution and books, it help you apply for a education credit on taxes. Yes it’s income if you use it for boarding expenses and personal needs.

]]> By: Fool in the Rain http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/comment-page-1/#comment-44 Fool in the Rain Wed, 10 Dec 2008 22:23:38 +0000 http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/#comment-44 No, but if you use the money for anything other than school (tuition, books, etc.) you have to report the money as income on Line 21 of your tax return. No, but if you use the money for anything other than school (tuition, books, etc.) you have to report the money as income on Line 21 of your tax return.

]]> By: yahoohoo http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/comment-page-1/#comment-43 yahoohoo Sat, 06 Dec 2008 17:44:04 +0000 http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/#comment-43 No, a loan is not income. No, a loan is not income.

]]> By: Jolie http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/comment-page-1/#comment-42 Jolie Wed, 03 Dec 2008 08:38:52 +0000 http://booksmartloans.com/are-student-loans-considered-income-to-the-irs/#comment-42 I am Canadian, but I am 100% sure that student loans are not considered income here, and I seriously doubt they would be considered income down there! The government usually tries to give students a break! I am Canadian, but I am 100% sure that student loans are not considered income here, and I seriously doubt they would be considered income down there! The government usually tries to give students a break!

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