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Itemized Deductions Schedule-A

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Old 01-14-2011, 11:20 PM
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Using Mortgage Interest Deduction instead of Student Loan Deduction

Because I am enrolled in the Income Based Repayment for my student loans with the U.S. Dept. of Education, my wife and I have to file our taxes as "Married Filing Separately" or else my student loan payments will go through the roof.

Unfortunately, when filing as "Married Filing Separately," I lose the ability to deduct student loan interest. What if, however, I were to record a deed of trust against my house in favor of the Dept. of Education? Would I then be able to take my student loan interest and deduct it under the mortgage interest deduction?

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