Do we need to claim a 401k loan?

[trina1151]

We borrowed money from our 401k to buy a house do we need to claim this? If yes since we are paying back the loan weekly can we claim it as expense?

[AmyT]

You do not claim the loan proceeds that you received as income, as long as you have a repayment agreement in place with the fund administrator.

Note:  Any amounts that are not repaid do become taxable income.