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Borrowed money is not income. You may actually get a dedcution for some of the expenses of the new loan, and those for the loan you retire.
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∙ 15y ago
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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.
Do you have to pay income tax on a home equity loan?
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.
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).
Are defaulted personal loans taxable?
No. At the same time, the fact that one defaulted on a loan does not mean that they may write off the value of the loan from their taxes. Personal loans, unless specifically tied to a principal residence (e.g., [first] mortgage, home equity loan, home equity line of credit), do not increase or decrease one's taxes.
When applying new loans how can home equity be used?
When apply new loans, home equity can be used to consolidate your debt, pay for education, purchase a new car, repair your home, remodel your home, and to go green. It can lower monthly payments, save taxes and many more beneficial things.
Which section of the income statement does not report net of income taxes or net of income?
Trading account statement does not report net of income taxes or net of 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.
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 you have to pay income tax on a home equity loan?
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.
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).
Are defaulted personal loans taxable?
No. At the same time, the fact that one defaulted on a loan does not mean that they may write off the value of the loan from their taxes. Personal loans, unless specifically tied to a principal residence (e.g., [first] mortgage, home equity loan, home equity line of credit), do not increase or decrease one's taxes.
Do you have to claim on your taxes when ex husband buys out your equity in home?
If it is income, in the form of forgiven loan or as a payment, then yes. If it is a gift, then no.
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.
What is profit attributable to equity holders of parent company on an income statement?
Profit attributable to equity holders of the parent company on an income statement refers to the portion of profit that belongs to the shareholders of the parent company. It represents the net income after deducting taxes, expenses, and other deductions and attributing it to the shareholders who own equity in the company. It is a measure of the company's profitability available to its shareholders.
When applying new loans how can home equity be used?
When apply new loans, home equity can be used to consolidate your debt, pay for education, purchase a new car, repair your home, remodel your home, and to go green. It can lower monthly payments, save taxes and many more beneficial things.
What is the Capital gains tax for profit from futures and options trading?
It is the same as taxes on ordinary income unless the basis and holding period qualify for treatment as long-term capital gains. Some state income taxes do no differentiate, and so it is all ordinary 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!
