2007-05-29 10:28:21 · 10 answers · asked by Anon 3 in Business & Finance ➔ Taxes ➔ United States
No. They removed the tax deduction for cardit card interest a long while ago. (We never could deduct the principle.)
-MM
2007-05-29 10:32:05 · answer #1 · answered by Anonymous · 1⤊ 2⤋
Even if whatever you bought was deductible, you would have had to deduct it when you bought the items. The IRS will let you write off the payments the day you declare the reduced balance as income. For those who missed my point, that would be a net change of zero to your taxable income.
2007-05-29 12:51:28 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
I don't think Credit Card debt is tax deductibles.
2007-05-29 10:45:02 · answer #3 · answered by Hari Om 3 · 0⤊ 0⤋
Review the charges you paid to see if anything was deductible. Unreimbursed employee expenses, medical, education expenses eligible for a tuition/fees deduction or credit.
But interest on personal debt is not deductible.
2007-05-29 11:35:32 · answer #4 · answered by ninasgramma 7 · 0⤊ 1⤋
i somewhat wrote this for a query you deleted yet i desire to provide help to comprehend someplace. And confident, there are continuously taxes on each and everything while money switches palms. besides, here became into the respond: No, you're able to desire to not supply all of it to charity. maximum charities basically waste it besides. you comprehend you will could desire to pay taxes on all that so which you does not have the flexibility to offer all of it away besides. i comprehend the way you experience approximately dropping enjoyed ones nevertheless mine have been misplaced in any different case. you're in no state of suggestions to make huge judgements like this. i don't comprehend how long it is going to likely be until you're able to do it the two. I had no theory what human beings felt like earlier yet I particular do now. i could propose you basically carry onto each and everything precise now and not think of roughly removing something until you experience greater useful. i could propose you split the right this moment money into greater debts in greater banks with the aid of fact debts are basically insured as much as $one hundred,000. of course fifty 4 debts could be stupid.8P And having 3 vehicles is somewhat plenty in case you will not rigidity them. yet there is not any hurry to do away with them. I think of there'll be people who attempt to swindle you out of a few or all your inheritance. you comprehend that already nevertheless, so i'm particular you're careful. it somewhat is advisable to think of roughly having a have faith fund which will pay the valuables taxes on the properties if that's not already set up so which you do not could desire to think of roughly it. Its you which you would be able to desire to safeguard precise now. fantastically with the aid of fact you're commencing college.
2016-10-30 03:24:10 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Congrats on paying off the monster. But sorry, there's no deduction for that.
2007-05-29 10:53:56 · answer #6 · answered by Bostonian In MO 7 · 2⤊ 0⤋
you may be entitled to some of it if the company had previously charge-off the account and you have had to include the charge off as income.
2007-05-29 13:40:11 · answer #7 · answered by ainger452 3 · 0⤊ 0⤋
Sorry. There is no reason for the IRS to reward you for fulfilling an obligation.
2007-05-29 13:02:47 · answer #8 · answered by Barry auh2o 7 · 0⤊ 0⤋
NO. Sorry dude. Congrats on paying off the cc.
2007-05-29 10:31:49 · answer #9 · answered by BS 3 · 0⤊ 1⤋
Potentially, if you could defend that some of the charges were business related, medical related, work related, charity related...
2007-05-29 10:34:42 · answer #10 · answered by mhanley13 1 · 0⤊ 3⤋