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Msnatalie901
Level 1
January 24, 2021
Question

Eidl reporting

My brother received an Eidl loan (not grant). He is under the impression because it is a loan that has to be repaid he does not need to report in on taxes. Is this true or does he have to report it as income?

    2 replies

    AlanT222
    Alumni - Intuit
    January 24, 2021

    No, he does not have to report the EIDL Loan as income. Funds from the EIDL are not reported as taxable business income on your tax return. He can also lower his tax liability by deducting any expenses covered by the use of these funds.

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      supratt
      Level 2
      March 15, 2021

      This is not the case for California. I have a mismatch between federal and state M1 vs Schedule K. How to solve?

       

       

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