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 MartiVITA Volunteer
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