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New Member
posted Jun 6, 2019 5:22:59 AM

I took out a $30,000 loan from LoanMe, do I need to input that on my tax report, if so where do I do that?

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1 Best answer
Level 4
Jun 6, 2019 5:23:01 AM

No.  Loan proceeds are not included in taxable income so you do not need to report it anywhere.

You may be able to deduct the interest on the loan depending on the purpose.  If the loan was for business or investment purposes the interest can be deductible.  If the loan is for personal reasons (medical expenses, purchasing a car, vacation, etc) then the interest is not deductible.

1 Replies
Level 4
Jun 6, 2019 5:23:01 AM

No.  Loan proceeds are not included in taxable income so you do not need to report it anywhere.

You may be able to deduct the interest on the loan depending on the purpose.  If the loan was for business or investment purposes the interest can be deductible.  If the loan is for personal reasons (medical expenses, purchasing a car, vacation, etc) then the interest is not deductible.