How about if I paid off credit cards with a big balance. Can I deduct that?
02379
2 Replies
Eric_S
New Member
Jun 1, 2019 4:02:55 PM
Credit cards used for business transactions are expenses and deductible when you purchase the items.
Paying off the balance is not deductible.
Melvi
New Member
Jul 25, 2019 11:45:19 AM
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?