Among the itemized deductions on Schedule A of Form 1040, you’ll find “Interest You Paid.” As you get your records together for tax preparation, you should realize that not all interest can be deducted on your return. Interest you paid last year on credit card debt generally isn’t deductible, for example.
What’s Inside
- Deducting Interest Paid
- The IRS May Put You on Hold
- Portability in Estate Planning
- Tax Calendar