https://ttlc.intuit.com/community/taxes/discussion/i-received-payment-for-a-lawsuit-against-my-bank-for-bad-collection-practices-they-credited-my/01/712526#M286668 Thu, 06 Jun 2019 14:20:45 GMT fogartyjj 2019-06-06T14:20:45Z https://ttlc.intuit.com/community/taxes/discussion/i-received-payment-for-a-lawsuit-against-my-bank-for-bad-collection-practices-they-credited-my/01/712526#M286668 Thu, 06 Jun 2019 14:20:45 GMT https://ttlc.intuit.com/community/taxes/discussion/i-received-payment-for-a-lawsuit-against-my-bank-for-bad-collection-practices-they-credited-my/01/712526#M286668 fogartyjj 2019-06-06T14:20:45Z https://ttlc.intuit.com/community/taxes/discussion/most-likely-no-loan-proceeds-are-not-taxable-income-and/01/712530#M286671 <P>Most likely no.</P><P>Loan proceeds are not taxable income and the payment of a loan is not a deductible expense. Therefore a refund of a loan you be considered a return of capital.</P><P>However, if the loan was used to buy a business asset or if it was used for business expenses that you deducted, you would need to claim the refund as income to the extent that you had deducted the money as tax expenses. Further, if this was a refund on a home mortgage that refunded deducted mortgage interest, you would also need to claim the refunded interest as income.</P> Thu, 06 Jun 2019 14:20:47 GMT https://ttlc.intuit.com/community/taxes/discussion/most-likely-no-loan-proceeds-are-not-taxable-income-and/01/712530#M286671 Phillip1 2019-06-06T14:20:47Z