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mjbocelli
New Member

Are business loans from friends and relatives considered income?

If so where do I report them?
1 Reply
Coleen3
Intuit Alumni

Are business loans from friends and relatives considered income?

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.

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