Is interest paid on credit cards tax deductible?

Answer With the exception of mortgage interest, consumers lost the ability to claim personal interest deductions on their taxes when the Tax Reform Act was passed in 1986. Credit card interest is consider... Read More »

Top Q&A For: Is interest paid on credit cards tax deductible

Is interest paid on credit cards deductible on income tax?

You cannot deduct interest paid on credit cards from your taxes, according to the Internal Revenue Service. The IRS considers interest from consumer debts such as car loans and credit cards persona... Read More »

What was the last year that credit cards'interest was deductible?

The last year taxpayers could deduct personal credit card interest was 1986. On October 22, 1986, President Ronald Reagan signed into law the Tax Reform Act of 1986. This legislation limited or eli... Read More »

Do credit cards charge interest if the full balance is paid each month?

No, if you pay your credit card bill off completely and on time each month, your account is typically not charged any interest. When you do not pay your balance in full, your credit card company as... Read More »

Is interest paid on a time share condo deductible as mortgage interest?

According to the IRS, mortgage interest from a timeshare condominium is considered qualified residence interest that is tax deductible as long as the owner uses the condominium as a second home for... Read More »