Announcement

Collapse
No announcement yet.

Credit Card Interest

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    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
    Tags: None
    #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.

    Comment

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

      Comment

      Previous template Next

      Disclaimer

      Collapse

      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

      Working...
      X