turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do I claim a personal loan as income?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
puppyzeus
New Member

Do I claim a personal loan as income?

No it is not unless it is forgiven.

 Personal loans are not considered income for the borrower unless the loan is forgiven. In other words, you cannot be taxed on loan proceeds unless the lender grants the borrower a reprieve on paying back the debt owed; this is known as loanforgiveness. ... COD income can be taxed.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies