Deduct theft loss on your tax return. Remember this tip in order to claim personal property theft as a deductible item on your return. You borrow money to go to school to get you a job so you can pay back your student loans. You can ease the pressure of that cycle, to a certain extent, with the Student Loan interest deduction. Any loans even those taken for room and board qualify when used to pay for the cost of a qualified higher education.
Married taxpayers have to file a joint return to claim the deduction.
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