Solved: Do I need to report a loan (approx. $200k) from a foregn corporation? Will it be taxable?
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Do I need to report a loan (approx. $200k) from a foregn corporation? Will it be taxable?

 
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Do I need to report a loan (approx. $200k) from a foregn corporation? Will it be taxable?

No, you do not need to report the loan.  Loans are not considered taxable income.  

Also, there is no reporting requirement just because it is from a foreign corporation, as long as it is a legitimate loan.  Retain all of the paperwork showing it was a loan in case the IRS has questions.  

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Level 10

Do I need to report a loan (approx. $200k) from a foregn corporation? Will it be taxable?

No, you do not need to report the loan.  Loans are not considered taxable income.  

Also, there is no reporting requirement just because it is from a foreign corporation, as long as it is a legitimate loan.  Retain all of the paperwork showing it was a loan in case the IRS has questions.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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