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Bank credit cards allow tax break
IRS ruling favors bank credit cards by allowing deducting full 18 percent annual interest as interest on tax returns. It contrasts with department store or finance company charges, where only one third of the finance charges may be deducted. The ruling distinguishes interest from finance charges, prompting banks to advise full deduction unless stores prove charges are not interest.
MENTIONED IN THIS ARTICLE
Ray DE Crane
Internal Revue Service
Inans
Treasury Department
Department Esteres
IRS
Internal Revenue
Newspaper Enterprise Agsn