do you report loan income on your 1120S return

this is for loans for 2 fix and flip projects, one we sold and realized profit, one we did not

posted

No. Loans have to be paid back. You don't report them as income and you don't report the repayment as a deduction. Only the interest that you pay on the loan is deductible.

@bravehomesnc

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I’m amending my New Jersey state tax returns to request a refund based on the Difficulty of Care income exclusion. Besides my W-2, what other proof can I provide?

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