Mathematicians and bank-savvy folk, a loan interest Q.

[Papoo]

Dear bright folk..

I have a professional studies loan in the UK, but I now reside in the US. I am therefore filing taxes as a US resident, which is for the tax year 1st Jan 08 to the 31st Dec 08. Not April-April. So, the bank statement of interest for the financial year (interest paid is tax deductible) from HSBC isn't much use, as it's the 'wrong' period.

So, how may I work it out myself?

I have read this site, and it doesn't seem at first too challenging;

http://www.ehow.com/how_2221943_calculate-interest...

The issue with this, is when it mentions calculating the 'daily interest rate'. My interest rate isn't fixed, it's 2% above base rate, so my little brain is rather stuck.

I guess that along the way, I need to know what the base rates have been for each quarter..

If anyone could help, I'd be most appreciative.

[LC23]

Can't you just use 9/12 of the 2008/09 interest amount and 3/12 of the 2007/08 interest amount? Would seem to be an easy solution and one the IRS should not object to?

[fido]

A. ask HSBC to print out the gross interest payments for the period in question - even Notwest did it for me.

[Papoo]

fido said:

A. ask HSBC to print out the gross interest payments for the period in question - even Notwest did it for me.

Perhaps they're being unhelpful, but by the tone of it, they sounded like this apr-apr form is the best they can do!