I%26#039;m guessing it%26#039;s a big %26quot;no%26quot; but I think the rich people can deduct all sorts of interest paid, and though credit cards are hardly an investment, Lord knows my (way too high)% on $(waytoomuch) is the only interest I have to work with!
Can I deduct the interest paid on my credit cards from my taxes?
No, a law that was passed about 11 years ago shot that down for alll of us...
Can I deduct the interest paid on my credit cards from my taxes?
Sorry you can%26#039;t. A lot of people refinance their homes and pay off card cards. If you can itemize you can take off your home mortgage.
Can I deduct the interest paid on my credit cards from my taxes?
sorry, you%26#039;re right, its a big fat %26quot;no.%26quot; mortgage interest is allowed, as well as interest paid on money borrowed for investment purposes. the interest, or %26quot;finance charges%26quot; we pay on credit cards is not deductible.
perhaps consider taking a home equity loan to pay off your credit cards. not only will the interest on this loan be a lot lower %, but it will be deductible.
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