691959
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Mbdarkhorse
New Member
mtgguy
New Member
rodiy2k21
Returning Member
jpeschel1038
New Member
jpeschel1038
New Member