Ask The Taxgirl: More On Interest

Taxpayer asks:

I had to put almost $100,000 worth of medical bills on credit cards. Three to be exact. Can the interest on these loans be deducted as medical expenses as I continue to pay the bills down over the next five years?

Thank you,

Taxgirl says:

Sorry, no. As I pointed out on a prior post, credit card interest is not deductible on your personal income tax return.

That’s the bad news.

The good news is that the medical expenses are deductible in the year that you make payment to the medical provider, not the credit card company. For more on timing of medical bills, see this recent “ask the taxgirl” post.

Before you go: be sure to read my disclaimer. Remember, I’m a lawyer and we love disclaimers.
If you have a question, here’s how to Ask The Taxgirl.

Kelly Phillips Erb

Kelly Phillips Erb is a tax attorney, tax writer, and podcaster.

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