As a rule, credit card interest is not deductible. But many business owners and investors who are struggling with cash flow, use their credit cards and pay interest to tide them over tough financial times. Hopefully, this is a last resort!
Nevertheless, IF you paid credit card interest (or even interest on a different type of loan) on purchases you made for otherwise tax deductible expenses related to your business or investment property, it may be deductible.
As always, this is not tax or legal advice. If you think this could apply to you, be sure to check with your tax advisor and see if you qualify for this deduction.
Have a great day!
Nancy Moeller, REALTOR®, CPA
714 276-7006
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