I went to one of those instant cash places. It was less than $500. And I got it around April and I have had it payed off a few months ago. I don't know what other information you need but I live in Illinois and I have 2 other jobs.
Thanks
2007-01-17 19:25:57 · 7 answers · asked by THE 3 in Business & Finance ➔ Taxes ➔ United States
Loans are not taxable income.
2007-01-17 19:28:46 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Are you asking about it as income? In that case no. Otherwise someone taking out a $300,000 mortgage is in some serious trouble that year.
If you are talking about deducting the interest paid, then only if you can prove it was a legitamate business expense you had to go through with.
2007-01-18 03:44:33 · answer #2 · answered by closetcoon_fan 5 · 0⤊ 0⤋
Sounds like you basically borrowed against your income. Since your income was already taxed, you can not be taxed for borrowing against it. So, no you do not claim this loan as income.
2007-01-18 12:44:11 · answer #3 · answered by NHMike 3 · 0⤊ 0⤋
If you are talking about one of those pay day loans or whatever they are referred to and if you had to pay it back. NO, you don't have to claim it on income taxes.
2007-01-18 03:33:49 · answer #4 · answered by Debbie H 3 · 1⤊ 0⤋
If it was a loan and you repaid it with interest, this does not count as income on your State or Federal taxes.
2007-01-18 03:29:23 · answer #5 · answered by hartless63 4 · 2⤊ 0⤋
If it was a loan, you do not put it as income on your taxes
2007-01-18 09:29:34 · answer #6 · answered by growing inside 5 · 0⤊ 0⤋
No you dont have to claim it on you taxes, you didnt pay enough in the intrest for the need to claim it.
2007-01-18 03:28:52 · answer #7 · answered by reshadow31 3 · 0⤊ 1⤋