While we are on the issue of credit cards.....

bigbet1234 · Apr 7, 2005

is interest paid on a CC tax deductable? Always wondered this.

BB

LEYKIS101 · Apr 7, 2005

Not for personal expenses it isnt, unless you roll it into your mortgage via home equity loan.

RPM · Apr 7, 2005

not since the 80's

TheGeneral+ · Apr 7, 2005

Nope as far as I know. Issues an excuse to grab a home equity loan credit line. Tax deductable beer.

LEYKIS101 · Apr 7, 2005

The General said:
Nope as far as I know. Issues an excuse to grab a home equity loan credit line. Tax deductable beer.

Thats the attitude! :drink:

TheGeneral+ · Apr 7, 2005

LEYKIS101 said:
Thats the attitude! :drink:

When it comes to credit , I am savvy. LOL

Dawoofdaddy · Apr 7, 2005

It can be deducted in certain situations. However, it is NOT deductible if used for discrectionary purchases.

For those that use cc for gambling, if you are a gambler by profession, I'm not sure if the interest is deductible. I will ask my accountant that question.

However, I doubt you will remain a professional gambler for long if you are using cc to gamble. The criteria to declare yourself a professional gambler to IRS is very extensive. Very similar to declaring yourself a stock trader. If you have a typical 9-5 job, you probably will not be permitted to declare yourself a professional gambler.

:drink: