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Do I claim a personal loan as income?

 
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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.

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