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New Member
posted Jun 4, 2019 5:03:23 PM

If I took a loan out of my profit sharing this year, do I have to report it on my taxes?

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1 Best answer
Alumni
Jun 4, 2019 5:03:24 PM

You would not report a loan.   If you default on the loan, then it becomes taxable.

1 Replies
Alumni
Jun 4, 2019 5:03:24 PM

You would not report a loan.   If you default on the loan, then it becomes taxable.