The interest expense on qualified education loans is deductible if the taxpayer meets the income limitations

The interest expense on qualified education loans is deductible if the taxpayer meets the income limitations

Relationship. Naturally, a taxpayer’s own children meet this test, but a child’s descendant or a brother or sister or descendant of a brother or sister can also meet the definition of a qualifying child for the purpose of claiming a dependency exemption (Sec. 152(c)(2)).

Residence. A qualifying child must payday loans Alabama have the same residence as the taxpayer for more than half of the year; however, a student living away from home while in college is considered to be living in the same residence as the parents (Regs.More