I have a delinquent student account at my college (long and complicated story). I have been making regular payments on it since August 2018. How do I record the payments on my taxes?
If the payments are toward a student loan, the interest is deductible on your individual return. A Form 1098-E should be issued to you that reports this amount. If these payments are toward tuition, these payments may be deductible in different ways, depending on your individual tax situation. You would need to contact a tax professional for advice specific to the details of your situation.
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Answered by: Amy L. Bishop, CPA, MST, is a tax and accounting manager with Delisi, Keenan & Associates PC in Greensburg, Pa.