topic I took out a loan, do I claim that money as income? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/i-took-out-a-loan-do-i-claim-that-money-as-income/01/448489#M41017 I had to buy a new furnace, and took out a loan from my Credit Union.&nbsp;&nbsp;I used my car as the collateral.&nbsp;&nbsp;Do I claim that money as income?&nbsp;&nbsp;Can I claim a credit for the income I paid on the loan? Tue, 04 Jun 2019 22:47:57 GMT celtichugs 2019-06-04T22:47:57Z I took out a loan, do I claim that money as income? https://ttlc.intuit.com/community/retirement/discussion/i-took-out-a-loan-do-i-claim-that-money-as-income/01/448489#M41017 I had to buy a new furnace, and took out a loan from my Credit Union.&nbsp;&nbsp;I used my car as the collateral.&nbsp;&nbsp;Do I claim that money as income?&nbsp;&nbsp;Can I claim a credit for the income I paid on the loan? Tue, 04 Jun 2019 22:47:57 GMT https://ttlc.intuit.com/community/retirement/discussion/i-took-out-a-loan-do-i-claim-that-money-as-income/01/448489#M41017 celtichugs 2019-06-04T22:47:57Z You do not report the loan as income. Money from a loan i... https://ttlc.intuit.com/community/retirement/discussion/you-do-not-report-the-loan-as-income-money-from-a-loan-i/01/448492#M41018 <P>You do not report the loan as income. Money from a loan is not income.</P><P>You cannot deduct the interest that you paid on the loan.<BR /></P> Tue, 04 Jun 2019 22:47:58 GMT https://ttlc.intuit.com/community/retirement/discussion/you-do-not-report-the-loan-as-income-money-from-a-loan-i/01/448492#M41018 rjs 2019-06-04T22:47:58Z