Interest You Paid
If you have any debts, you will have many types of interest payment you make. Some interest
payments you pay are tax deductible while others are not. Below is information on what interest payments are tax
What is an interest?
Interest is the amount you pay for the use of borrowed money.
What is personal interest?
Personal interest is not tax deductible.
What are the personal interests that are not tax deductible?
Examples of personal interest include:
Are interest payments to credit card companies tax deductible?
No. Interest payments to credit card companies are considered personal interests and are not tax
What type of interest payments are tax deductible?
Types of interest payments that you can deduct are: