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In 1996 I borrowed money (in the form of student loans) to pay for a educational expenses, realated to my line of employment. The majority of the classroom hours were in 1997 (approximately 85% of the hours).

I've been planning to use the itemized deduction on 85% of the course cost on my 1997 tax return, but a friend of mine challenged the legality of said deduction. He belived that only the portion of my student loan that I repaid in 1997 would be deductable.

Does someone out there know if the course cost is deductable when I took out a loan to pay for it - or would it just the part of loan I paid back during 1997 that is deductable?

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