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