- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Do I need to report a loan (approx. $200k) from a foregn corporation? Will it be taxable?
Topics:
June 1, 2019
6:44 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
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"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
June 1, 2019
6:44 PM