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What else can I help you with?
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 a 401k loan taxable?
A 401(k) loan is not taxable as long as it is repaid according to the terms set by the plan. If the loan is not repaid, it may be considered a distribution and subject to taxes and penalties.
Is the stafford loan considered taxable income?
yes
Is a Policy Loan taxable income?
No. Loans are never income
Do I have to pay taxes on a personal loan?
No, you do not have to pay taxes on a personal loan because it is not considered taxable income.
What is best definition of taxable income?
the portion of your income that is eligible for taxation
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.
Are home equity loans taxable?
Home equity loans are generally not taxable, as the money borrowed is considered a loan and not income. However, there are certain circumstances where the interest on a home equity loan may be tax deductible.
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
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!
