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christy-phoebe
New Member

Took an $8,600.00 loan from Life Insurance policy to pay for schooling. What do I do for tax purposes?

Where would I get the correct tax forms for filing this?
1 Best answer

Accepted Solutions
MichaelMc
New Member

Took an $8,600.00 loan from Life Insurance policy to pay for schooling. What do I do for tax purposes?

A loan from a life insurance policy is not income. Borrowed funds are not taxable income. You have nothing to report.

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2 Replies
MichaelMc
New Member

Took an $8,600.00 loan from Life Insurance policy to pay for schooling. What do I do for tax purposes?

A loan from a life insurance policy is not income. Borrowed funds are not taxable income. You have nothing to report.

View solution in original post

christy-phoebe
New Member

Took an $8,600.00 loan from Life Insurance policy to pay for schooling. What do I do for tax purposes?

Great! thanks for the help!
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