Credit card interest payments: tax deductible?

[DNW]

Are credit card interest payments tax deductible from your personal [as opposed to a business] annual gross income?

 

[odoreater]

Uh, no!

 

[sho'nuff]

no.

 

[DNW]

FML!

 

[Bhowie]

 

[whusurdadi]

I've been trying to get my accountant to take my wife's tuition off - he's like "uhhhhhhhhhhhh, no."

 

[JoeWoah]

There is a loophole if you want to be creative. Have you used your credit card to cover any unreimbursed work expenses or job search expenses (you don't have to be unemployed to have those expenses)? If so, then you can deduct it.

PS: I'm not an accountant. You might just want to deduct an approximate value of the principle and hope for the best. What the odds you'll get audited anyway?

 

[DNW]

Originally Posted by JoeWoah

There is a loophole if you want to be creative. Have you used your credit card to cover any unreimbursed work expenses or job search expenses (you don't have to be unemployed to have those expenses)? If so, then you can deduct it.

PS: I'm not an accountant. You might just want to deduct an approximate value of the principle and hope for the best. What the odds you'll get audited anyway?

 

[sho'nuff]

Originally Posted by DarkNWorn

+1
uh...yeah. just mention it publicly why dont you. now they will look you up for anything. or at least they will try to find out who you are. who knows who works for the IRS here.

 

[JoeWoah]

Originally Posted by sho'nuff

+1
uh...yeah. just mention it publicly why dont you. now they will look you up for anything. or at least they will try to find out who you are. who knows who works for the IRS here.

I didn't say I did it, I just pointed out one possibility. Ask an accountant.

 

[unjung]

Just enter your total taxable yearly income as $0, indicate that you have octochildren and take care of five parents between you and your spouse, and live in a depressed part of the country. What are the chances you'll get audited anyway?

 

[ArMiXiA]

I wish this was possible!

 

[JayJay]

CC interest used to be deductable.

 

[FidelCashflow]

Originally Posted by whusurdadi

I've been trying to get my accountant to take my wife's tuition off - he's like "uhhhhhhhhhhhh, no."

You don't get tuition credits in America?

 

[RedLantern]

There is a deduction for interest on student loan payments, but it is capped pretty low, and it has income phaseout provisions that kick in pretty early. Also, IIRC, it is very hard to get tuition treated as a business expense.