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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.
What else can I help you with?
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
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.
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 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
Is it possible to pay a deductible with a credit card?
Yes, it is possible to pay a deductible with a credit card.
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.
Are credit card late fees tax deductible?
No, credit card late fees are not tax deductible.
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.
In which tax year would deductible expenses paid with a credit card fall?
Deductible expenses paid with a credit card would typically fall in the tax year in which the credit card payment was made, not when the credit card bill is paid off.
Are business credit card annual fees tax deductible?
Yes, business credit card annual fees are generally tax deductible as a business expense.
Are credit card fees tax deductible for self-employed individuals?
Credit card fees are generally not tax deductible for self-employed individuals. However, fees related to business expenses may be deductible. It is recommended to consult with a tax professional for specific guidance on deducting credit card fees.
Are credit card charges deductible for a cash basis taxpayer?
No, credit card charges are not deductible for a cash basis taxpayer because they are considered expenses when the payment is made, not when the charge is incurred.
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.
Can you write off credit card interest on your taxes?
Is there a way to write off credit card interest on corparation credit card?
Is interest from credit cards tax deductible for a S-Corp?
yes
