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I'm in need of business loan for buying a house and oven and floor and some other stuff

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Frazer Muzyamba

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12y ago

No, loans are not income.

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Frazer Muzyamba

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I'm in need of business loan.

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Q: Are personal cash loans considered taxable income?
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Are personal loans taxable as 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).


Is a Policy Loan taxable income?

No. Loans are never income


Is money that you loan to someone taxable?

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.


Can a student with 3 children file an income tax return if student loans are the only source of income?

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).


Are personal loans from family taxable?

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.


Can you claim school loans on income tax?

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.


Do you pay taxes on financial aid?

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.


Can you be charged income tax on money loaned to you by family?

Loans from anybody or thing (bank, person, etc) are never taxable.


Why are teaspoon loans reported as taxable income?

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.


You loaned your company money but have not claimed it on personal income taxes how many years can you go back to claim the loans?

Claim the loans? You mean claim the interest on the loans, right. Loans are neither a deduction or income.


Do federal student loans count as income for tax purposes?

No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.


Does a student loan refund have to be claimed as income on taxes?

Loans are never taxable...I'm not sure what you mean by a loan refund though!