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June 1, 2019
Question

Can you deduct interest paid on credit cards

  • June 1, 2019
  • 1 reply
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1 reply

MargaretL
Employee
June 1, 2019

No, you cannot - interest paid on personal credit card is not tax deductible.

If you have a credit card and use is for personal and business expenses, you can only deduct the portion of the interest attributable to your business-related charges.

More information:

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/Is-Interest-on-Credit-Card..