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Returning Member
posted Jun 1, 2019 6:44:55 PM

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

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1 Best answer
Expert Alumni
Jun 1, 2019 6:44:56 PM

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.  

1 Replies
Expert Alumni
Jun 1, 2019 6:44:56 PM

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.