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Sadly interest is not tax deductible, especially for individual borrowers that don't have a business. Business owners *might* be able to argue their case if they absolutely had to borrow money in order to start a business, but interest on personal credit cannot be deducted...
* note: that might depends on how lenient the IRS feels for a particular industry, or even what year it is. Typically, they want all the money they can collect.
Wiki User
∙ 11y ago
Wiki User
∙ 15y agoNo. Virtually no perdonal interest unless on your home is deductible.
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Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
Can you write off credit card interest on your taxes?
Is there a way to write off credit card interest on corparation credit card?
When were taxpayers allowed to deduct credit card interest from their adjusted gross income?
I think it was about 1986...the Regan years...that the law was changed and interest that wasn't part of a mortgage stopped being deductible.
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.
Can you deduct credit card interest?
No
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
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.
Can a credit card loan spent to purchase a home be tax deductible?
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
Can you write off credit card interest on your taxes?
Is there a way to write off credit card interest on corparation credit card?
When were taxpayers allowed to deduct credit card interest from their adjusted gross income?
I think it was about 1986...the Regan years...that the law was changed and interest that wasn't part of a mortgage stopped being deductible.
Is interest from credit cards tax deductible for a S-Corp?
yes
What is an advantage of having an interest rate credit card?
The advantages of having a credit card with an interest rate is it helps build one's credit faster. The higher the interest rate of the credit card, the higher the credit score.
What is the interest on an express credit card?
The interest on an express credit card is 8.7%. They are not a very good alternative to a regular credit card such as a visa or mastercard because the interest is very high.
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.
What is the lowest credit card interest rate?
The lowest credit card interest rate at the moment is 7.8%. The credit card that offers 7.8% is Sainsbury's Nectar Low Rate Credit Card. One can find low interest credit cards from the Money Supermarket website.
What is the interest rate on hsbc credit card?
The interest rates on a HSBC credit card can vary, depending on your credit rating. The rates on the HSBC credit card can range from, 11.99% - 18.99%.
Can you pay your credit card bill by another credit card?
Yes you can pay your credit card bill by another credit card. It is called balance transfers, you can transfer the balance of another credit card that has a high interest to a credit card that has a low interest. Hopefully this answers your question.
