canadian student loan interest claimed on US tax return

[jon]

My question is in regard to student loan interest from loans being paid to financial institutions in Canada (i.e., Federal/Provincial Gov'ts and banks). When filing our taxes here in the US, can we claim such interest. Both my wife and I pay student loans in Canada, but are both working here on TNs (and have been since 2004). I was told there was something in the Canada - US Tax Treaty that allowed us to do this, if we file as residents (which I thing we are anyway). Any information and/or comments would be much appreciated. Thanks

[nelsona]

Not really a treaty issue.

You simply calculate your interest, just as any other US taxpayer would, and include it on your return.

The fact that you went to scholl in Canada, and are paying interest to a Cdn institution does not matter, so long as you and the loan meet all the other eligibility terms.

[Mir]

Thanks for that information. I too am repaying Canadian student loans but now am U.S. Perm Resident. Any idea if we have to have the Canadian financial instiitution (in my case-RBC) fill out a form 1098E or do we just estimate the amount in U.S. $ and fill it in on our tax return?

thanks.

[nelsona]

You do not need, nor will you get a 1098e from the Cdn lender.

However, you should not ESTIMATE the interest you paid; you can accurately calculate it from your statements, and then convert it to $US.