We received 2 loans in 2017. Do I count those deposits as income? And what are the payments counted as?

User28396856 · ‎June 4, 2019

Don't know how Loans are entered. They are not income from sales. Paying them back is another question. What are those payment entered as?

Vanessa · ‎June 4, 2019

Loans are not considered income and are not entered on your return. For business purposes, they are liabilities on your books.

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SweetieJean · ‎June 4, 2019

How did you record them on the 2017 tax return?

User28396856 · ‎June 4, 2019

Income and paying back as cost of sales.

Vanessa · ‎June 4, 2019

Loans are not considered income and are not entered on your return. For business purposes, they are liabilities on your books.

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