0
None of of the borrowed money would be taxable income to you when you receive it.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
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.
How can you figure out what portion of your income is taxable?
In order to determine what portion of your income is taxable you will need to look at a schedule from the IRS. The IRS provides these updated schedules annualy and your taxable portion is based on the amount of money you make and any dependants you may have.
Is the stafford loan considered taxable income?
yes
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.
What is best definition of taxable income?
the portion of your income that is eligible for taxation
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.
Best definition of taxable income?
The portion of a persons income that is eligible for taxation
How much income outside of social security is taxable?
All income is taxable unless specifically excluded by law. Even a portion of your Social Security benefits may be taxable if you have sufficient total income.
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!
You are purchasing an annuity with all after tax dollars why is a portioin of your monthly payment taxable until you have withdrawn your investment?
A portion of your payment is taxable because there is an interest rate factor that is paid on the after tax portion resulting in taxable gain. Normally, interest paid to you would all be taxed first under the LIFO ruling (last in, first out) like in a C.D.. However, an immediate annuity allows you to spread that interest (gain) out over the period of the contract which usually benefits you in regards to income taxes. So, every payment has a "tax-free" portion and a "taxable"portion.
Is the repayment of debt outstasnding tax deductible?
No. Just like the receiving of the loan was not taxable.
