are check cashiers loans/interest tax deductible?

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are check cashiers loans/interest tax deductible?

2007-09-23 19:58:52 · 2 answers · asked by okbill 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

No. The only personal interest that is deductible is that on a home mortgage for a primary or second home. The fees and charges from check cashers and payday loan stores is not deductible.

In theory it would be deductible for a business, but if a business is going to the sharks for loans, its days are probably seriously numbered.

2007-09-23 22:37:01 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋

Not unless used for business or investment purposes.

2007-09-24 03:25:29 · answer #2 · answered by Mark S 5 · 0⤊ 0⤋