I'm in need of business loan for buying a house and oven and floor and some other stuff
No, loans are not income.
No, since loans are not income (even if the obligation is cancelled, there is no taxable event as a result). Also, the interest in personal loans may NOT be written off of taxes (unlike that of first and some second mortgages).
No. Loans are never income
No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.
Not only money received but also debts forgiven from credit cards, car loans, etc. Any and all debts forgiven or wiped away through bankruptcy courts are taxable as income.
No, the money is considered borrowed funds, so no income tax is due on the funds. Liberty-ReverseMortgage.com specializes in Reverse Mortgage Loans. If you are looking for any How Reverse Mortgage works, its pros and cons or guidelines, call (888) 202-4479
No, since loans are not income (even if the obligation is cancelled, there is no taxable event as a result). Also, the interest in personal loans may NOT be written off of taxes (unlike that of first and some second mortgages).
No. Loans are never income
A loan from a family member is considered taxable income. The borrower can deduct a certain amount of the interest paid. The lender will have to pay taxes on any interest earned.
No. Student loans, while you're receiving them, aren't taxable.For more information, go to www.irs.gov/individuals/students for the article, 'Taxable Income for Students'.Also go to www.irs.gov/formspubs for Publication 525 (Taxable and Nontaxable Income).
The loans themselves are not taxable. The interest paid on the loans are taxable to the lending relative. Also, if the rate being charged is lower than the Applicable Federal Rate (AFR), there will be an additional gift tax on the net difference between the AFR and the rate being charged.
Well, loans if anything would be income (but it isn't). You mean the interest on them...NO. Interest on personal use loans is not deductible.
No, you do not pay income taxes on student loans because they are debt. You do however need to look into Grants as the laws are different for free money. You do not pay taxes on a LOAN, because it has to be paid back, so it is not income.
Loans from anybody or thing (bank, person, etc) are never taxable.
A tsp loan is not taxable income unless: 1 you default on the loan, 2 you miss a payment, 3 you retire or leave the federal service before the balance is paid off. In any of the scenarios above it is only the unpaid balance that is taxable.
Claim the loans? You mean claim the interest on the loans, right. Loans are neither a deduction or income.
No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.
Loans are never taxable...I'm not sure what you mean by a loan refund though!