Can I use unclaimed interest on student loans from previous years that the franchises for 2009?
I thousands of dollars in interest student loans that have accumulated in 2007 and 2008. Although I have a tax return these years, I do not understand this interest as a franchise. How would I go about using this year as part of a franchise, if possible?
To go with the answers above, you can not deduct interest from loans to students. You can deduct the amount of your payments that went to interest. The loan company will send you a 1098-E stating the amount of interest paid on your student loans in 2009. This amount is what you can deduct on your 2009 return.
