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?
02437
2 Replies
AlanT222
Expert Alumni
Jan 24, 2021 12:19:28 PM
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.
supratt
Level 2
Mar 15, 2021 1:18:43 PM
This is not the case for California. I have a mismatch between federal and state M1 vs Schedule K. How to solve?