Tax Question For people Writing Off thier Student Loadn Intrest. - GoFuckYourself.com

boneprone · 08-24-2004, 02:03 PM

I just got off the phone with my accountant. She tells me that the intrest paid on the student loans cant be written off.

The Student loan company sends me a tax form every year on the intrest paid that can be written off..

Yet my account says i cant write it off.. Becasue you have to be under a certain income to do that..

What the fuck??

Why should my income affect my ability to write off intrest on a federal loan like this??

I think she's wrong.. Is she?

boneprone · 08-24-2004, 02:07 PM

Fuck im in IRS Trouble here.

I did an extension on my taxes to get all my gambling shit in order she said I had to.. Well the taxes are all done, and im owing a lot. More than I think I can afford. Which is a lot.

This is the first year ive included gambling in my taxes as reconmneded by my accountant. ANd i had a good year. That and my adult network and very little estimated tax paid this year, even with my HUGE writeoffs im kinda fucked.

Im actually scared here.

I even write off the car and gas, and insurance for one of our leased car, and we bought a house which huge payments which should be tax deductible (intrest) but im still just fucked.

Fucked fucked fucked.

I think i need to start gambling again. Im glad im going to vegas next week now.

Sosa · 08-24-2004, 02:19 PM

yep taxes suck. I hate paying in thousands and thousands

BRISK · 08-24-2004, 02:24 PM

sacX · 08-24-2004, 02:36 PM

surprised u haven't been required to pay back any student loan balance by now.

Doctor Dre · 08-24-2004, 03:07 PM

Quote:

Originally posted by boneprone
Fuck im in IRS Trouble here.

I did an extension on my taxes to get all my gambling shit in order she said I had to.. Well the taxes are all done, and im owing a lot. More than I think I can afford. Which is a lot.

This is the first year ive included gambling in my taxes as reconmneded by my accountant. ANd i had a good year. That and my adult network and very little estimated tax paid this year, even with my HUGE writeoffs im kinda fucked.

Im actually scared here.

I even write off the car and gas, and insurance for one of our leased car, and we bought a house which huge payments which should be tax deductible (intrest) but im still just fucked.

Fucked fucked fucked.

I think i need to start gambling again. Im glad im going to vegas next week now.

Guy guy guy ... that's gonna become a serious fucking problem if you do that when you NEED money ... I would suggest you don't gamble at all or you will loose everythign

boneprone · 08-24-2004, 03:09 PM

Quote:

Originally posted by sacX
surprised u haven't been required to pay back any student loan balance by now.

I have been..

Thats what you are supposed to write off.

For the first 8 years or something its supposed to be 100% tax deductable..

Now i find out its void if you make more than a certain amount of income.. 0% is tax deductible..

boneprone · 08-24-2004, 03:10 PM

Quote:

Originally posted by Doctor Dre
Guy guy guy ... that's gonna become a serious fucking problem if you do that when you NEED money ... I would suggest you don't gamble at all or you will loose everythign

Where's the Christmas Spirit man!!

You're no fun..

No fun at all.

Im gunna leave my mark in Vegas next week.

Ill keep ya posted.

astnfan · 08-24-2004, 03:21 PM

Sorry to hear that man,

I got a deal with my loan where its federally subsidized government pays the interest until i graduate, then I have to pay interest. Maybe you could look into that.

Also talk to your accountant about writing off any gambling losses you have if you can. If you are able to report losses, then use the ATMs at the casinos whenever you want money, even if its not gambling related, becuase I hear you can still claim that as part of your gambling loss.

Jer · 08-24-2004, 03:42 PM

Gambling sucks, but all I can say is good luck in Vegas then. You'll need it.

Jer · 08-24-2004, 03:44 PM

Thank God and my parents I don't have any student loans to pay.

aaron · 08-24-2004, 03:45 PM

im moving to the carribean

MissEve · 08-24-2004, 03:51 PM

Quote:

Originally posted by boneprone
I just got off the phone with my accountant. She tells me that the intrest paid on the student loans cant be written off.

The Student loan company sends me a tax form every year on the intrest paid that can be written off..

Yet my account says i cant write it off.. Becasue you have to be under a certain income to do that..

What the fuck??

Why should my income affect my ability to write off intrest on a federal loan like this??

I think she's wrong.. Is she?

Bone, the same thing happened to me but it was about 5 years ago

I was pissed!

http://www.irs.gov/faqs/faq-kw222.html

08-24-2004, 02:03 PM	#1
boneprone Hall Of Fame Industry Role: Join Date: Jan 2001 Location: Portland Oregon USA Posts: 34,415	Tax Question For people Writing Off thier Student Loadn Intrest. I just got off the phone with my accountant. She tells me that the intrest paid on the student loans cant be written off. The Student loan company sends me a tax form every year on the intrest paid that can be written off.. Yet my account says i cant write it off.. Becasue you have to be under a certain income to do that.. What the fuck?? Why should my income affect my ability to write off intrest on a federal loan like this?? I think she's wrong.. Is she? __________________ Industry Hall Of Fame Legend Mike Jones Bow to the Power - Still BP4L http://gfyawards.com/hall-of-fame Learn about it kids.

08-24-2004, 02:07 PM	#2
boneprone Hall Of Fame Industry Role: Join Date: Jan 2001 Location: Portland Oregon USA Posts: 34,415	Fuck im in IRS Trouble here. I did an extension on my taxes to get all my gambling shit in order she said I had to.. Well the taxes are all done, and im owing a lot. More than I think I can afford. Which is a lot. This is the first year ive included gambling in my taxes as reconmneded by my accountant. ANd i had a good year. That and my adult network and very little estimated tax paid this year, even with my HUGE writeoffs im kinda fucked. Im actually scared here. I even write off the car and gas, and insurance for one of our leased car, and we bought a house which huge payments which should be tax deductible (intrest) but im still just fucked. Fucked fucked fucked. I think i need to start gambling again. Im glad im going to vegas next week now. __________________ Industry Hall Of Fame Legend Mike Jones Bow to the Power - Still BP4L http://gfyawards.com/hall-of-fame Learn about it kids.

08-24-2004, 02:24 PM	#4
BRISK Too lazy to set a custom title Join Date: Feb 2003 Posts: 12,240	__________________ I post on GFY so that when people ask me what I do, I can tell them that I work with the mentally retarded.

08-24-2004, 02:19 PM	#3
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	yep taxes suck. I hate paying in thousands and thousands

08-24-2004, 02:36 PM	#5
sacX Confirmed User Join Date: Dec 2002 Location: New Zealand Posts: 2,998	surprised u haven't been required to pay back any student loan balance by now.

08-24-2004, 03:21 PM	#9
astnfan Confirmed User Join Date: Mar 2003 Location: las vegas Posts: 134	Sorry to hear that man, I got a deal with my loan where its federally subsidized government pays the interest until i graduate, then I have to pay interest. Maybe you could look into that. Also talk to your accountant about writing off any gambling losses you have if you can. If you are able to report losses, then use the ATMs at the casinos whenever you want money, even if its not gambling related, becuase I hear you can still claim that as part of your gambling loss.

08-24-2004, 03:42 PM	#10
Jer God is Brazilian Join Date: Feb 2001 Location: Brazil Posts: 10,601	Gambling sucks, but all I can say is good luck in Vegas then. You'll need it.

08-24-2004, 03:44 PM	#11
Jer God is Brazilian Join Date: Feb 2001 Location: Brazil Posts: 10,601	Thank God and my parents I don't have any student loans to pay.

08-24-2004, 03:45 PM	#12
aaron Confirmed User Industry Role: Join Date: Mar 2003 Location: USA Posts: 4,452	im moving to the carribean