Say you paid ALOT more than $2,500 in interest one year. can you continuously claim the $2,500 in the following years until you reach what you have truly paid in interest? for example if I paid 10k in interest in 2023. Can I claim 2.5k for the next 4 years for the interest I paid in 2023?
Yes, you can, but they cannot be the qualifying child of another taxpayer. My video on claiming dependents ua-cam.com/video/kXdSK0LHhq8/v-deo.html helps to clarify this.
@@TheTaxGeek thank you, I have one more question, if a TP has taken loan for qualifying children or relative for a student education in a bank can he able to claim deduction for the loan (1098-E) or taxpayer only can able to claim for his own children,spouse and him/herself alone?
The BEST tax videos on UA-cam!
I can't believe youtube didn't notify me! Always great content
UA-cam can be spotty when it comes to sending notifications, but I'm glad you finally found the video.
Say you paid ALOT more than $2,500 in interest one year. can you continuously claim the $2,500 in the following years until you reach what you have truly paid in interest? for example if I paid 10k in interest in 2023. Can I claim 2.5k for the next 4 years for the interest I paid in 2023?
No, unfortunately. The interest can only be deducted in the year you pay it.
Top of the morning coach
Does contributing to a 401k count towards reducing my MAGI for this tax deduction?
Diverting more money to your 401(k) will reduce your Adjusted Gross Income, as will contributing to an IRA.
Can a tax payer able to claim qualifying relatives if they are younger (under the age of 19 to 24)?
Yes, you can, but they cannot be the qualifying child of another taxpayer. My video on claiming dependents ua-cam.com/video/kXdSK0LHhq8/v-deo.html helps to clarify this.
@@TheTaxGeek thank you, I have one more question, if a TP has taken loan for qualifying children or relative for a student education in a bank can he able to claim deduction for the loan (1098-E) or taxpayer only can able to claim for his own children,spouse and him/herself alone?