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Credit card interest payments: tax deductible?
- Thread starter DNW
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whusurdadi
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I've been trying to get my accountant to take my wife's tuition off - he's like "uhhhhhhhhhhhh, no."
JoeWoah
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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?
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
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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.Originally Posted by JoeWoah
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?
JoeWoah
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+1Originally Posted by sho'nuff
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
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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?
FidelCashflow
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I've been trying to get my accountant to take my wife's tuition off - he's like "uhhhhhhhhhhhh, no."Originally Posted by whusurdadi
You don't get tuition credits in America?
RedLantern
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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.
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