2007-03-17 14:28:16 · 4 answers · asked by Stella V. 1 in Business & Finance ➔ Taxes ➔ United States
No. Taking a loan isn't income, it's debt.
2007-03-17 14:37:40 · answer #1 · answered by ? 3 · 1⤊ 0⤋
For the most part the answer is no, if it's a loan that you pay back then it's basically debt (much like a credit card purchase), if however it's a gift then yes could be considered income.
It would depend also on the size of the "gift," a good rule of thumb would be if its in the thousands or above then yes you should probably report it as income (especially if it wasn't a cash gift, also if it was deposited into a banking account of somesort it could be noticed if you get audited).
Otherwise, keep quiet about it.
2007-03-17 15:06:23 · answer #2 · answered by Crighton 3 · 0⤊ 1⤋
No, a loan from a friend, or anyone else, or an institution like a bank or credit union or loan shark, is NOT income. You'll be paying it back....
2007-03-17 14:42:44 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
Nothing about your loan is taxable or deductible.
2007-03-17 16:18:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋