Skip to main content
Level 5
June 5, 2025
Solved

Unsecured Loan

I was wondering if an unsecured loan from a bank would be considered taxable income and have any tax implications?

 

 

    DoninGA
    DoninGAAnswer
    Level 15
    June 5, 2025

    Expert Reviewed

    A personal loan is not reported as income on a tax return.  Nor is the interest paid on the personal loan deductible on a tax return.

    1 reply

    DoninGA
    Level 15
    DoninGALevel 15Answer
    Level 15
    June 5, 2025

    Expert Reviewed

    A personal loan is not reported as income on a tax return.  Nor is the interest paid on the personal loan deductible on a tax return.