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gerri-lehew
New Member

Can you deduct interst paid on credit cars?

 
1 Best answer

Accepted Solutions
jerry2000
Alumni

Can you deduct interst paid on credit cars?

No. Personal credit card interest is not deductible.

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2 Replies
jerry2000
Alumni

Can you deduct interst paid on credit cars?

No. Personal credit card interest is not deductible.
DianeW
Expert Alumni

Can you deduct interst paid on credit cars?

This can be deducted only if you have a business where you are charging expenses for your business.  This is not an allowable deduction on your personal return.
Although if you charge contributions, as example, a deduction is considered paid when you make the charge, not when it is paid.  The reason is that it is considered paid on the day charged.

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