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Level 2
June 5, 2019
Solved

We received 2 loans in 2017. Do I count those deposits as income? And what are the payments counted as?

  • June 5, 2019
  • 3 replies
  • 6 views

Don't know how Loans are entered. They are not income from sales. Paying them back is another question. What are those payment entered as?

Best answer by Vanessa11_2

Loans are not considered income and are not entered on your return.  For business purposes, they are liabilities on your books. 

3 replies

Alumni - Champ
June 5, 2019
How did you record them on the 2017 tax return?
Level 2
June 5, 2019
Income and paying back as cost of sales.
Level 13
June 5, 2019

Loans are not considered income and are not entered on your return.  For business purposes, they are liabilities on your books. 

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