Can you write off a credit card annual fee?

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Can you write off a credit card annual fee?

Postby mbenz06 » Wed Jul 08, 2009 8:02 pm

I was looking to get a new credit card and wanted to know if I could write off a percentage of the annual fee and maybe even the initiation sign-on fee. This is for the Amex Black card so $2,500 yearly and a $5k initiation is a bit much. I will be using the card primarily for work related expenses.

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Postby Mogul of Pineapples » Tue Jul 14, 2009 1:29 am

I believe you should be able to write off the entire amount if it is for work-related purposes. From what I understand, as long as it is classified as a part of your business, it is tax deductible. However if you "officially" use it for personal purchases, that may be a problem...
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Postby jbamex » Sun Aug 23, 2009 6:42 am

I use one cc for business only and write off all fees.

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