How about if I paid off credit cards with a big balance. Can I deduct that?
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How about if I paid off credit cards with a big balance. Can I deduct that?

 
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How about if I paid off credit cards with a big balance. Can I deduct that?

Credit cards used for business transactions are expenses and deductible when you purchase the items.  

Paying off the balance is not deductible.

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How about if I paid off credit cards with a big balance. Can I deduct that?

We settle a debt we had with a business card we used for office supplies. I am entering the 1099C which shows the amount of the debt "discharged" but should the debt paid be allocated as Office supplies?

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