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New Member
posted Jun 1, 2019 4:02:53 PM

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

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2 Replies
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.

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?