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Level 1
June 3, 2019
Question

Personal loan reporting.

  • June 3, 2019
  • 1 reply
  • 3 views
I have received a loan payout for $3000 in June. How am supposed to report that?

1 reply

MargaretL
Level 12
June 3, 2019

Since the loan is personal, as you indicate in your question, receiving payout has no impact on your tax return and you are not required to report it. You could never deduct it, and receiving it back is not reportable either.