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Is money that you loan to someone taxable?
A loan from a family member is considered taxable income. The borrower can deduct a certain amount of the interest paid. The lender will have to pay taxes on any interest earned.
If you take cash value from a whole life policy do you have to claim the money as income?
If you take a loan against the policy, the amount you receive is not considered taxable. However, if you later surrender (cash-in) the policy, the amount you received in the loan and in the surrender will then be considered taxable income.
Is a Policy Loan taxable income?
No. Loans are never income
What is The taxable portion on the loan?
None of of the borrowed money would be taxable income to you when you receive it.
Are personal cash loans considered taxable income?
I'm in need of business loan for buying a house and oven and floor and some other stuff
Is there a tax on a loan from parent to child?
Loan proceeds are not taxable, if your parents loaned you money and then decided to forgive the debt that wouldn't be taxable either (it's a gift). If you are paying your parents interest on the loan that interest is taxable income to your parents.
Where are questions answered for Stafford loan consolidation?
In order to get Stafford Loan consolidation, you must include your benefactor's last 2 income tax returns. After you have completed your degree, you must give Stafford your tax return every year.
Why are teaspoon loans reported as taxable income?
A tsp loan is not taxable income unless: 1 you default on the loan, 2 you miss a payment, 3 you retire or leave the federal service before the balance is paid off. In any of the scenarios above it is only the unpaid balance that is taxable.
Where do students indicate their interest in being considered for a Direct Stafford Loan?
On the FAFSA
Does a student loan refund have to be claimed as income on taxes?
Loans are never taxable...I'm not sure what you mean by a loan refund though!
If a third party makes loan payments is this taxable income to the borrower?
Yes. Unless done as a gift.
Is student loan reportable as income?
No, a student loan is NOT reportable income. Besides, it wouldn't make sense that immediate debt be considered income.
