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karencornejor
New Member

Made a loan to a friend business, from my business account, i received some of the loan back where in income would it go?

I loaned the money through direct deposits and through some expenses for my friends business, I received some money back through a deposit 

1 Reply
TomD8
Level 15

Made a loan to a friend business, from my business account, i received some of the loan back where in income would it go?

Money received in repayment of a loan is not taxable income.

If you charged interest to the borrower, the interest income would be taxable.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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