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Required information The following information applies to the questions displayed below) Lionel is an unmarried law...

Question:

Required information The following information applies to the questions displayed below) Lionel is an unmarried law student a
Required information The following information applies to the questions displayed below) Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $30,500 from County Bank and paid interest of $1830. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for interest on higher education loans under the following circumstances (Leave no answer blank. Enter zero if applicable.) b. Lionel's AGI before deducting interest on higher education loans is $79,000 Deductible interest expense

Answers

The amount which Lionel can deduct for interest on higher education loans is $1830.

If you have taken an education loan and you are repaying it, then the interest paid on that education loan is allowed as a deduction under section 80E.

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