I took out two loans. One was to pay for my 2006 tax return and the other is to consolidate my credit cards. I was wondering if when i file for my 2007 tax return if i need to include my two loans? ( This year I'm in W-4 instead of 1099, Single)
2007-11-06 03:33:41 · 6 answers · asked by KNight31 1 in Business & Finance ➔ Taxes ➔ United States
No, you don't, when you file your return, report all information you received such as 1099 information, W2 information.
Good luck, hope you don't owe again.
2007-11-07 13:55:54 · answer #1 · answered by Ms. Angel.. 7 · 0⤊ 0⤋
Nowhere. You had to efile your 2007 return by potential of 10/15/2008. Too late now. you will could paper report it. odzooker is faulty with reference to the size of time to report. you have 3 years to report a return the place a reimbursement is due. 2007 return submitting time decrease for a reimbursement is 4/15/2011.
2016-09-28 11:07:56 · answer #2 · answered by mcelwaine 4 · 0⤊ 0⤋
If you do not pay them back AND the debt is forgiven, then the forgiven debt is taxable and must be included. If they are home equity loans, see the answer dealing with home equity loans. In all other cases, no.
2007-11-06 06:33:20 · answer #3 · answered by StephenWeinstein 7 · 0⤊ 0⤋
If they are home equity loans, the interest can be an itemized deduction. Otherwise, there is no tax impact.
2007-11-06 04:54:46 · answer #4 · answered by r_kav 4 · 0⤊ 0⤋
Loan proceeds are not taxable as you have to pay them back.
Also, any interest on personal loans is not deductible.
2007-11-06 03:37:43 · answer #5 · answered by Wayne Z 7 · 1⤊ 0⤋
No, your loans don't have any tax implications, so you don't show them anywhere on your tax return.
2007-11-06 03:45:59 · answer #6 · answered by Judy 7 · 2⤊ 0⤋