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I am divorced, remarried - paying 2/3 of son's college tuition - used Series EE bonds. Interest deductible?
Series EE bonds were in my name with son as beneficiary. He does not live with us. I paid his car insurance, cell phone bills and used the Series EE bonds ( $3000 in interest) for his school. Can I deduct interest is he is not listed as my dependent? What would be the best way to handle interest income?
2 Answers
- Bostonian In MOLv 71 decade agoFavorite Answer
You can't deduct the interest, but if you use Savings Bonds proceeds to pay for educational costs, the interest on them generally isn't taxable.
- Anonymous1 decade ago
If he's not your dependent, you can't exclude the interest income. That is one of the requirements! Your son can count this as money spent on his behalf when *he* files for an education credit.