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Can a bank loan be taken from income tax?

Updated: 8/19/2019
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13y ago

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no

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13y ago
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Q: Can a bank loan be taken from income tax?
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Is interest om Federal Home Loan Bank bonds subject to federal income tax?

Yes. Interest from Fed Home Loan Bonds ARE federally taxable and generally are not taxed by states (I live in FL which does not have a state income tax).


Can the interest charged on your loan principal be deducted for tax purposes?

It varies on the jurisdiction under which the loan was taken out and the purpose of the loan. Generally speaking, if a loan is taken out to benefit a business, the business can claim the interest on that loan as a business expense and offset it against income. A loan taken out for personal reasons, however, does not fit that profile. Interest on a loan taken out for personal reasons, and interest on credit cards, which are basically the same thing, are not tax deductible. In the United States of America, interest you pay on the mortgage of your principal residence could be written off against income. That may not be true any longer. If you have any questions about this, I strongly recommend consulting the tax code of your country, or a competent tax lawyer.


Can you get an income tax exemption on a housing loan taken on your mother's property?

No. You MUST be on the title and the loan. Also, it is unlikely you can find anyone to give YOU a loan on your mothers property, without your name being on the property.


If you are making you monthly payments on your student loan can you still get your income tax at the end of the year?

If you are not delinquent with your student loan, your federal income tax refund will not be garnished.


What do you mean by filing of income tax?

Filing of income tax means submitting your annual income status for that particular year based on which the government will decide whether to levy tax on your income if your income falls under the slab of taxable income after all deductions. So by this you are showing your income status to the government based on which you may claim a loan in future from any bank or institution.


I received 191000 in a cash out refinance do I have to pay income tax on the money?

The proceeds of a loan are not income, so no tax.


What is the Journal entry for income tax paid?

income tax payable Dr ,Bank Cr.


What journal entries can you make to provide for income tax?

Debit income tax expensesCredit cash / bank


Are fees paid for a loan modification tax deductible?

no you have to claim it as income


How does one get a loan against a property?

The first step to getting a loan against property would be to find the Banking Institution that you would like to use for the loan. A person would need to have a job with a salary in order to apply for the loan. Then they would have to have all of the documentation necessary to submit to the bank for the loan including proof of income, financial statements, income tax returns and proof of identity.


Can your income tax return be taken if you have judgments?

I think it can be.


On working tax credit due to low pay your bank has offered you a loan is this legal?

If you are talking about a tax refund due you because of the earned income tax credit (US), which is not due to low pay as such, such a loan would be legal. Just make sure the interest rate doesn't make for a payment that wipes out the refund.