topic Are business loans from friends and relatives considered income? in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/are-business-loans-from-friends-and-relatives-considered-income/01/586285#M238509 If so where do I report them? Wed, 05 Jun 2019 23:20:06 GMT mjbocelli 2019-06-05T23:20:06Z Are business loans from friends and relatives considered income? https://ttlc.intuit.com/community/taxes/discussion/are-business-loans-from-friends-and-relatives-considered-income/01/586285#M238509 If so where do I report them? Wed, 05 Jun 2019 23:20:06 GMT https://ttlc.intuit.com/community/taxes/discussion/are-business-loans-from-friends-and-relatives-considered-income/01/586285#M238509 mjbocelli 2019-06-05T23:20:06Z No, a loan is not income. If, however, you default on the... https://ttlc.intuit.com/community/taxes/discussion/no-a-loan-is-not-income-if-however-you-default-on-the/01/586287#M238510 <P>No, a loan is not income. If, however, you default on the loan, your friends have the option to declare the loan as uncollectable on their own taxes and the ability to issue you a 1099-C, Cancellation of Debt.</P> Wed, 05 Jun 2019 23:20:08 GMT https://ttlc.intuit.com/community/taxes/discussion/no-a-loan-is-not-income-if-however-you-default-on-the/01/586287#M238510 Coleen3 2019-06-05T23:20:08Z