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    Credit Card Interest

    My client has a rental property and whenever he needs any fixing up he uses his credit card to make puchases at home depot. Of course he does not pay off the charges at the end of the month.

    Is the interest a deductible expense on Sch E.

    I am all fogged up.
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash

    #2
    Yes

    TTB 4-10. Probably best to make sure you can show that the interest is tied to the purchases that are for the rental activity. Best to use one credit card only for business purposes/purchases.

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      #3
      Thanks Buddy
      Everybody should pay his income tax with a smile. I tried it, but they wanted cash

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