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Old 02-07-2013, 09:57 PM
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Cancelled Studen Loan -Education Credit?

I received a 1099-C for cancellation of a student loan due to disability. The loan was from 1984. I know I have to claim it as income, but my question is if I may take any education tax credits for it? Technically if they are charging me $7700 for tuition, then can I take a tax break on the tuition? I know its not the year I went to school, but it is the year I "paid" the money. Also, included in that $7700, $2800 of it is interest. Is the interest deductible? Why else would they break it down on the 1099 C like that?



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