Eidl reporting

Msnatalie901 · ‎January 24, 2021

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?

AlanT222 · ‎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 · ‎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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