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

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Q: 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?
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Continue Learning about Accounting

Cash loaned to the company by a shareholder would be posted to the what Journal before being posted to the General Ledger.?

Cash


The purpose of a debit card is to?

It saves people the trouble of writing checks. You are not being loaned money, you are simply drawing upon an account in which you have previously deposited money.


Difference between balance of trade and balance of payment?

Balance of Trade is the accounting of goods and service imported and exported. Balance of Payments is the accounting of money owed and loaned other nations.


If account is overdrawn can you withdrawal cash?

No. You owe the bank money, and have nothing to withdraw. If you have overdraft protection, and you have made a withdrawal, the bank has loaned you money and will charge you additional fees or interest or both, plus the amount of the overdraft.


What is the difference between consolidated and combined financial statements?

Consolidated f/s like combined f/s sum up the reporting entities or subsidiaries transactions into a total. The difference is that consolidated f/s will eliminate transactions where subsidiary entities bought and sold goods or loaned each other money. For example lets say we have Parent company P and subsidiary companies S and T. S sells 1,000 widgets to T for 10 each = $10,000. S would record revenue of $10,000 and T would record expense of $10,000. However when P consolidates the f/s P would eliminate that sale as an inter-entity transaction, if not, then revenue and expenses would be over stated by $10,000. P is really just moving money from one pocket to another, there is no sale where P actually gains real income. Hope this was helpful.

Related questions

What does a personal guarantee look like?

A personal guarantee is a signature promise that money loaned to a company will be repaid. The owners or partners of a corporation sign documents, and put there personal finances on the line, with the guarantee that all money loaned to the company will be paid back. If money is not repaid, lenders have the ability to request repayment from the individuals who guaranteed payment.


What is the primary source of income?

storing money for other customers in bank accountsCharging interest on money loaned out.


Does a personal loan have to be in writing?

If you plan on getting the full amount back that you loaned out.. Yes it has to be in writing


What is the banks primary source of income?

storing money for other customers in bank accountsCharging interest on money loaned out.


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

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


What are the current interest rates available on personal loans?

The interest rates for personal loans will vary widely depending on many factors. These include you criminal record, income, amount loaned and your credit history. These combining factors make it hard to give and exact number with any accuracy, but your local bank should be able to do this.


Do you have to pay taxes on interest you get for money you personally loaned to a business?

Sure...under either scenario...if you did it personally or as a business...the interest RECEIVED is income.


Cash loaned to the company by a shareholder would be posted to the what Journal before being posted to the General Ledger.?

Cash


Can a loan company reposses my car they do not have the transfer of lien on?

If that loan company loaned you money and you used the car as collateral and failed to make payments on time, they can, and will repossess the car.


What are the steps to setting up corporate housing for a company's employees?

In order to set up corporate housing for a company's employees, one must contact a real estate agent that can lead you through the process of acquiring appropriate housing accomadations for your company's employees. Once that has been accomplished, one must decide the best way to finance this venture - whether it be with personal, company, or loaned funds, and make the purchase.


How many syllables in the word loaned?

The word loaned is one syllable.


What if you defraud a company that loaned money on your title by selling car parts to scrap yard in ga?

Then you'll be facing lawsuits and possible criminal charges.