Tax question - using a credit card?

[MrShiny]

Here's a tax question - if you use a credit card to buy or place a down payment on your property, can you deduct the interest?

 

[dianeschlicht]

No. The only interest that is deductible is real estate or homestead mortgage.

 

[jel0511]

No, because the interest isn't on a loan that is guaranteed by property. It becomes personal interest when it is placed on a credit card, since a credit card is non-secured debt. Interest from a secured loan (ie mortgage, home equity loan) is deductible for tax purposes.

 

[wdwstar]

no, but if you have a cc that has a % back, that would be one fast way to get money back from your cc. when we bought we used our cc to make the purchase and then we paid it off before we were charged the interested and within 2 weeks we had a nice check to spend when we went home

 

[Cruelladeville]

And if you have one of those cash-back credit cards, did you know that you can use it to pay off your loan? I didn't until today. I have a credit card with 0% and points(or miles). Since I had planned to pay off the DVC loan with my tax return anyway, I'm using my credit card in order to get the points--miles. I called member accounting today to confirm that it can be done.