Tax Rules-Bank Credit Cards vs. Store Credit Cards

The deduction rules for charges on bank credit cards (Visa, Mastercard, etc.) are different than charges made on store credit cards (Home Depot, Office Depot, etc.). 

  • Bank credit cards - deduction is in the year the charge is made
  • Store credit cards - deduction is in the year you pay the bill

Brian Crouse | 12/13/2010

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