My parents loaned us $20,000.00, do I need to report this and if so, how?

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My parents loaned us $20,000.00, do I need to report this and if so, how?

Loans are not income because of your obligation to repay the debt. The loan is not reported on your tax return.

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My parents loaned us $20,000.00, do I need to report this and if so, how?

Loans are not income because of your obligation to repay the debt. The loan is not reported on your tax return.

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