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Can a credit card loan spent to purchase a home be tax deductible?
Wiki User
∙ 15y ago
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
Wiki User
∙ 15y ago
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What happens when you have a credit on a credit card after a refund is posted?
It represents "money you haven't spent yet". If your next purchase on that card is $60, and the credit is $20, your next billing will be for $40.
You have a credit line and you are told that if you pay off the line over years it is not deductible If you pay it off in the year you use it it is deductible Is this right?
You cannot take any credit card debt or interest as a deductible on your taxes. Credit card debt is considered personal debt and does not qualify for tax breaks.
How much is a two percent purchase on a credit card?
It will depend on how much your credit limit is. For example, if your credit card limit is $500, a two percent purchase on your credit card would be $10.00
What are the advantages of owning a credit card?
The advantage of owning a credit card is that it is not necessary to have all of the funds necessary to make a purchase at the time of making the purchase.
How can an interest on personal or credit card loan spent to purchase a home be made tax deductible?
One of the conditions for deducting mortgage loan interest is that the loan must be secure by a properly recorded lien on the property. If the person or company giving you the loan is not getting a lien on your property, you cannot deduct the interest. There are also several other conditions. Take out a home equity line of credit instead.
What are the benefits of using a prepaid credit card?
No identification is required to use a prepaid credit card. Only the prepaid limit may be spent when using a prepaid credit card for a purchase, so there is no reisdual balance or finance charges after the purchase.
What happens when you have a credit on a credit card after a refund is posted?
It represents "money you haven't spent yet". If your next purchase on that card is $60, and the credit is $20, your next billing will be for $40.
What cash back rates are available to you on a credit card when making a purchase?
The cash back rates available on a credit card to someone when making a purchase are between 0.5% and 5%. If you spent 100 dollar on your credit card, you will get 5 dollar cashback.
You have a credit line and you are told that if you pay off the line over years it is not deductible If you pay it off in the year you use it it is deductible Is this right?
You cannot take any credit card debt or interest as a deductible on your taxes. Credit card debt is considered personal debt and does not qualify for tax breaks.
When can you deduct expenses paid by credit card?
Presuming it is a deductible expense, they are reportable when paid by the credit card, or any other method.
Where can I purchase home depot credit card online?
You cannot purchase home depot credit card online but you can purchase a home depot gift card online or in the store. To get a credit card you have to apply for it
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
How much is a two percent purchase on a credit card?
It will depend on how much your credit limit is. For example, if your credit card limit is $500, a two percent purchase on your credit card would be $10.00
How do a walmart credit card work?
Do you use a pi number to purchase with the credit card or cash
How do you cancel an accidental purchase on a parent's credit card?
The only ways to cancel an accidental purchase on a parent's credit card is to cancel the order from the producer/provider or cancel it through the credit card's business.
Are casino chip purchases considered a cash advance or a purchase on credit cards?
You cannot purchase chips at a casino with a credit or debit card. You have to use an ATM to get the money and then purchase the chips.
How do you purchase insurance products?
Credit card
