Tax deduction on loans?

Discussion in 'Taxes and Accounting' started by topguntrader, May 10, 2002.

  1. As a fulltime trader is it true that you can deduct interest charges on loans/credit cards towards business expenses?...I presume it is true since it is in IRS tax code...Does anyone have any experice with this??
  2. Yes, loans for business purposes.
  3. trdrmac


    Topgun, I see no problem with deducting the interest on credit cards for business expenses. However, I would suggest that if you use the card that you only use it for business. Consider perhaps using a transfer check to open a new card for "business balance."

    The reason I say this is after the first month the balance becomes a moving target and it would be a real PITA to break out the interest at the end of the year.