0
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.
Wiki User
∙ 9y ago
Wiki User
∙ 12y agoLoans are not usually considered income for tax purposes.
Added: UNLESS you, the lender, are earning interest on the loan. Then - the interest income is taxable.
Add your answer:
Earn +20 pts
What is The taxable portion on the loan?
None of of the borrowed money would be taxable income to you when you receive it.
Is there a tax on a loan from parent to child?
Loan proceeds are not taxable, if your parents loaned you money and then decided to forgive the debt that wouldn't be taxable either (it's a gift). If you are paying your parents interest on the loan that interest is taxable income to your parents.
What does it mean to loan money to someone?
To loan money to someone means to give your own money to someone else for a period of time. Then, the receiver will eventually pay the lender back the money (usually with interest).
If you take cash value from a whole life policy do you have to claim the money as income?
If you take a loan against the policy, the amount you receive is not considered taxable. However, if you later surrender (cash-in) the policy, the amount you received in the loan and in the surrender will then be considered taxable income.
How can someone get a loan for money today?
Someone can get a loan for money today by visiting online loan companies such as Easy Financial, Zippy Cash, Fast Cash and Money Loans 24. However, one must be aware of the rates that are charged for your loans.
Who can loan you 10.000.00?
i don't think anyone will loan you $10,000.00! only if you know someone rich that is willing to loan you money!
Is the stafford loan considered taxable income?
yes
What is intrest?
Interest is the money you pay when you get a loan. It is the cost of having someone lend you money.
Is Term life insurance money taxable?
In the US, the money is not taxable if the beneficiary is an adult.
What does it mean if someone defaults on a loan?
When someone defaults on a loan, it is when you borrow money from a bank and you say that you are going to pay it back, but you do not, therefore stealing their money. This can wreck your credit score and get you in deep trouble.
Is a Policy Loan taxable income?
No. Loans are never income
Which allows you to temporarily use money that belongs to someone else?
loan
