Are finance charges on cash advances reportable on federal income tax?
Question:
Answer:
if you own a business and the advances were for business expenses, then yes the advance fee would be deductible interest on schedule c.
No
If you are asking if those are deductible for the consumer, no.
If you mean are they reported as income to the credit card company, yes.
They are not deductible on a personal tax return.
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