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  1. Terry_w

    2 second tax question

    The expense is still deductible. if interest is incurred on the card then this may also be deductible but if there are personal expenses on the card the interest would need to be apportioned.
  2. Terry_w

    2 second tax question

    A credit card is a loan facility so a payment of an expense is a loan. If this loan is refinanced with another loan, such as a LOC, then the deductibility of interest won't be affected.
  3. Terry_w

    2 second tax question

    No it is not ok. Either way you cannot claim the interest. The only way to be able to claim the interest is to borrow to pay the expense. This could be done with a credit card and then that loan later refinanced.
  4. Terry_w

    2 second tax question

    No because you cannot reimburse youself
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