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No it does not need to be reported an long as it is loan.
If you default on the loan and not pay it back, then you will issued a 1099R for the balance and will have to pay income taxes and penalty (if under 59 1/2).
No it does not need to be reported an long as it is loan.
If you default on the loan and not pay it back, then you will issued a 1099R for the balance and will have to pay income taxes and penalty (if under 59 1/2).
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