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I have some hefty student loans that were incurred in furthering my skills as a psychotherapist. I deducted my tuition as best I could, since I had no income as a student. But now I am self-employed and needing the deductions for student interest. Besides the $2000 credit, can I deduct the interest on Scheudle C as a business expense, since my education only furthered my skills in the same field?

Maybe it's just a terminology problem, but I don't have a clue what kind of credit you're talking about. I assume that this was not college freshman/sophomore coursework paid for (from your assets or loan proceeds) in 2000, so the only credit that would possibly apply would be the Lifetime Learning Credit, which is limited to $1,000 tops and is based on qualified education expenses paid in 2000, which do not include loan payments. You'll find details about these credits in IRS Publication 970.

Phil Marti
VITA Volunteer
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