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New Member
posted Apr 12, 2024 12:57:37 PM

Do I report I paid off a credit card that wasn't in default, just wanted to get that credit card paid?

The refinance, had some money built in money so we used it to pay off the highest credit card balance. How do I record this amount?

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1 Replies
Expert Alumni
Apr 12, 2024 1:04:14 PM

"The refinance" - are you talking about a home refinance? You report this as part of the sequence of answering questions for you mortgage interest (because thee rule about refinances have become much more complicated).

 

Otherwise, Interest on credit cards is no longer deductible.

 

Unless you are using the credit card for business purposes you don't report it on your tax return.