can you claim credit card interest on your taxes

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The IRS allows you to deduct certain expenses from your total income to arrive at taxable income, which is the portion of your earnings that is subject to tax. Some of these expenses include your payments of interest on a mortgage and for business loans. However, when you use a credit card for personal purchases, the interest you pay is nondeductible personal interest.

If you’re a budding business owner or have a side hustle in addition to your day job, you could be missing out on important tax deductions related to your credit card. Sure, you can deduct office supplies and even business-related travel that you charge to your card, but is credit card interest tax deductible? You bet it is – and much more.

The deadline to file your taxes is just around the corner. To help you navigate through your paperwork, the CreditCards.com staff has assembled a series of articles to help explain your tax payment options, to offer advice on the best ways to handle a refund and to look at how the irs treats settled credit card debt and credit card rewards.

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Can I write off credit card interest on my taxes? You’re allowed to take a tax deduction for some types of interest payments, but unfortunately, credit card interest is not among them. The tax code classifies the interest you pay on credit cards as "personal interest," a category that hasn’t been deductible since the 1980s.

Interest paid on credit cards can be deducted on your tax return only if the charges cover certain types of expenses. But if you’re like most people who mainly use credit cards to purchase consumer goods and services, a large portion of the interest paid is nondeductible.

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And no matter how big or small your business is, if you use a business credit card for business expenses, you can deduct credit card interest charges and fees from your business taxes.