Why was the itemized deduction for those killer finance charges on credit cards ever phased out? Does anyone else here want this deduction brought back?
Quote from an IRS collection clerk, "Because they are personal expenses, and personal expenses can't be tax deductible. That would be like putting everyone in the country on a welfare program."
The government gives everyone a standard deduction already, and it's intended to cover unexpected expenses that everyone has from time to time.
If your unexpected expenses are rather high, you have the option of proving it to the IRS by itemizing. Going into debt and paying late fees on your credit cards is not an unexpected expense, nor is it even a necessary one. It's a mistake.
Posts: 3632 | Location: Washington, US | Registered: 06-03-02
mahal: I know that you were not answering me in particular, because I have never paid a late fee on a credit card. As for accumulating credit card debt being a mistake, pray that you never get into that position, since your haughty tone will not help you to negotiate credit card finance charge rate reductions over the telephone.
quote:Originally posted by tsaeb: mahal: I know that you were not answering me in particular, because I have never paid a late fee on a credit card. As for accumulating credit card debt being a mistake, pray that you never get into that position, since your haughty tone will not help you to negotiate credit card finance charge rate reductions over the telephone.
No, this was not directed at you, personally, this is my gospel to everyone: credit cards are evil.
As for credit card debts, been there, done that, sweety!
Posts: 3632 | Location: Washington, US | Registered: 06-03-02
