I took out a loan, do I claim that money as income?

[celtichugs]

I had to buy a new furnace, and took out a loan from my Credit Union.  I used my car as the collateral.  Do I claim that money as income?  Can I claim a credit for the income I paid on the loan?

[rjs · Accepted solution]

You do not report the loan as income. Money from a loan is not income.

You cannot deduct the interest that you paid on the loan.