![]() In this case, qualified means the loan was only for education expenses, not for other types of expenses. This college expense deduction lets you reduce your taxable income by up to $2,500 for qualified student interest paid during the year. Student loan interest is still tax deductible. ![]() The education must enhance or improve skills related to your trade or business or must be required by law. However, if you are self-employed you may be able to deduct education expenses. Before this change, you may have benefitted from a deduction if the education was required by your employer or by law.
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