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New Member
posted May 31, 2019 5:05:48 PM

Do I need to include a personal loan thru a loan company on my tax return?

I took out a personal loan in 2015 but have not paid it all back yet. I have not received any tax forms from them yet.

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1 Best answer
Level 13
May 31, 2019 5:05:50 PM

Generally, a personal loan gets mentioned no where on an income tax return as the interest is typically not deductible unless you used the money for business purposes.  The only other time you'd mention a personal loan is if you failed to repay and the lender sent you a 1099-C, in which case you'd have to recognize the amount not paid back as "income."

Tom Young

2 Replies
Level 13
May 31, 2019 5:05:50 PM

Generally, a personal loan gets mentioned no where on an income tax return as the interest is typically not deductible unless you used the money for business purposes.  The only other time you'd mention a personal loan is if you failed to repay and the lender sent you a 1099-C, in which case you'd have to recognize the amount not paid back as "income."

Tom Young

New Member
May 31, 2019 5:05:52 PM

Thank You very much!!!