Deduct Credit Card Fees & Interest from money invested in Savings/CDs

[Dave918]

Hello,

I paid cash advance fees and interest to borrow money from credit cards which I then put into interest bearing personal checking/savings/CDs. Am I able to write the cash advance fees/credit card interest as interest expense on my return? If so what are the rules for tracing the funds?

Thank you

[MinhT1]

No.

You can't deduct credit card interest and cash advance fees as they they are personal expenses.

Please read this TurboTax article for more information.