I'm pretty darn sure the tax deduction would include interest on the
loan, no matter what the type of loan, (credit card or not), you'd have
to ask your tax consultant about that to be sure. Like you say, having
deductions is all well and good, but if you don't have the income, it
doesn't make much difference. It only changes your taxable income
amount. The money is still out of your pocket and not available for the
next rescue.
It's a nasty quandary, but it sounds like you've thought about this, (of
course you have, you're in rescue!), and as hard as the decision is,
money is a factor. I've said it so many times before, sometimes all the
money in the world is not enough to save them. Joey is so much better
off with you than he might otherwise be. You care about him, he's safe
and loved, you are researching ways to help him. He's been blessed with
a wonderful ally to fight for his chances and stand at his side. My
prayers are with you that you continue to figure out ways to help Joey
and he makes a full recovery.
Nina
Kelley Saveika wrote:
No, you can't write off interest on credit cards. It is worth it if
he lives.
On 3/27/07, *Gussies mom* <[EMAIL PROTECTED]
<mailto:[EMAIL PROTECTED]>> wrote:
Can you not write off some of the interest, too?
*/Kelley Saveika <[EMAIL PROTECTED]
<mailto:[EMAIL PROTECTED]>>/* wrote:
I am a nonprofit, I just don't have my letter of determination
yet. I am expecting it before the end of the year, certainly
before next tax year. But that doesn't really help much - you
get about 30 cents back on the dollar. I wrote off 3,000 last
year and got an 1,800 refund. When I am paying 24% interest
on this credit card I am using it is a very large financial
hit. But he is going to get paid for anyway. The problem is
when I run out of credit then it will be a very big issue. I
just have to keep fundraising and make sure that doesnt'
happen:).
On 3/27/07, *Stray Cat Alliance*
<[EMAIL PROTECTED]
<mailto:[EMAIL PROTECTED]>> wrote:
If you are not a non profit then you could possibly try to
work with one -- so if you paid whatever monies to them
for the services and they paid the bills, you could get a
tax write off from the IRS. You would need a receipt from
the nonprofit.
It is so kind of you to help the kitties and I know every
cent counts! Where is the money tree when we need it!
Anita
<http://rescuties.chipin.com/joey-autoimmune-hemolytic-anemia>
