Interest Expense Deductible
October 18th, 2008
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Question: Are credit reports, credit scores and credit monitoring services a tax deductible expense?
I am interested to know if the IRS will allow us to deduct our expeneses in these areas. If so, then I believe that more people would be interested in checking their credit reports and scores for accuracy or even monitor them. Of course annualcreditreport.com is free, but monitoring services and credit scores cost money, which may stop many people from checking their credit information more than once a year for each credit bureau. Thanks for your help.
Answer: The IRS does not allow a deduction for personal expenses like this.
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