Example 1: G, an individual taxpayer, paid back $3,100 of great interest for the a qualified education loan
$65,100000 and you will $80,one hundred thousand (for all taxpayers except hitched filing jointly), otherwise
$135,100 and you can $165,100 (to have partnered taxpayers processing jointly).
This new deduction getting notice to your a qualified student loan is not readily available for someone who (1) is claimed due to the fact another’s based, 8 otherwise (2) are partnered and you may data utilizing the filing condition out-of married processing individually. 9
Home loan notice with the a professional residence ten was allowable out-of AGI just like the an itemized deduction. There are 2 version of licensed residence attract – acquisition indebtedness desire and household – collateral indebtedness attention. eleven Acquisition indebtedness relates to obligations one to (1) are obtain to find, create, otherwise significantly raise a professional residence, and (2) is protected from the one licensed household. several Family – security indebtedness try (1) one financial obligation that isn’t acquisition indebtedness, and (2) protected because of the a professional residence. thirteen Continue Reading