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Level 2
posted Feb 11, 2020 2:09:50 AM

Last year I received a 20k loan with no interest from a personal US bank account that belongs to a non resident, non-us citizen. How do I report this on Turbotax?

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1 Replies
Expert Alumni
Feb 11, 2020 9:17:51 AM

You do not need to report a loan on your tax return, as it is not considered income.

 

If you receive a gift in excess of $100,000 from a non-U.S. citizen you must file a report and a no-interest loan could possibly be perceived as a gift. However, you are still under this reporting threshold.