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Is there a certain place we put loan repayments from family/cashapp, or do we not include those in taxes since it was income we got and had to pay back?

 
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4 Replies

Is there a certain place we put loan repayments from family/cashapp, or do we not include those in taxes since it was income we got and had to pay back?

Interest paid and repayments of an unsecured personal loan are not reported on a tax return.

Is there a certain place we put loan repayments from family/cashapp, or do we not include those in taxes since it was income we got and had to pay back?

What is considered "unsecured", or is it just because it is a personal loan? They are all through Cashapp and documented. Also, would we report if we just pay someone a large chunk from help over the years that was not loaned this tax year? 

Is there a certain place we put loan repayments from family/cashapp, or do we not include those in taxes since it was income we got and had to pay back?

Since it is a personal loan, the payments and interest is not reported.  When you received the income from the loan, that also would not have been reported on a tax return.

Is there a certain place we put loan repayments from family/cashapp, or do we not include those in taxes since it was income we got and had to pay back?

Thank you! 

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