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No, since loans are not income (even if the obligation is cancelled, there is no taxable event as a result).
Also, the interest in personal loans may NOT be written off of taxes (unlike that of first and some second mortgages).
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∙ 13y ago
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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 a Policy Loan taxable income?
No. Loans are never income
Is money received as surplus from a foreclosure taxable?
Not only money received but also debts forgiven from credit cards, car loans, etc. Any and all debts forgiven or wiped away through bankruptcy courts are taxable as income.
Is money inherited from a parent's life insurance policy taxable income?
Death benefits are not taxable for income tax purposes.
Is life insurance income taxable?
no
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 a Policy Loan taxable income?
No. Loans are never income
The total income of an individual minus certain deductions and personal exemptions is called?
its your taxable income
If you sell personal property on craigslist is that money taxable income?
Yes
What is the taxable income max on a 1040?
There is no maximum income amount on a 1040 personal income tax return. The form will incorporate whatever amount of income a person has to report on their personal income.
Can a student with 3 children file an income tax return if student loans are the only source of income?
No. Student loans, while you're receiving them, aren't taxable.For more information, go to www.irs.gov/individuals/students for the article, 'Taxable Income for Students'.Also go to www.irs.gov/formspubs for Publication 525 (Taxable and Nontaxable Income).
Are personal loans from family taxable?
The loans themselves are not taxable. The interest paid on the loans are taxable to the lending relative. Also, if the rate being charged is lower than the Applicable Federal Rate (AFR), there will be an additional gift tax on the net difference between the AFR and the rate being charged.
Can you claim school loans on income tax?
Well, loans if anything would be income (but it isn't). You mean the interest on them...NO. Interest on personal use loans is not deductible.
Do you pay taxes on financial aid?
No, you do not pay income taxes on student loans because they are debt. You do however need to look into Grants as the laws are different for free money. You do not pay taxes on a LOAN, because it has to be paid back, so it is not income.
Is kinship income taxable income?
No it is not taxable
Who are the taxable persons?
In the Internal Revenue Code there is a tax imposed upon taxable income and that is defined as gross income or adjusted gross income which amounts to income earned in a taxable year by a taxpayer. A taxpayer is any person subject to any revenue laws. Is that clear? It isn't to me, and I remain astounded that so many people will claim that such circumlocution is clear to them. A tax imposed upon taxable income does not answer what the subject of the tax is. Is taxable income the same as income? If it is then why is taxable income defined as gross income or adjusted gross income but income itself never defined? Is income the subject of the Personal Income Tax Law? Who are the taxable persons? Those persons made liable for a tax are. How do we know who has been made liable to a tax by understanding that a tax was imposed upon taxable income?
How can I determine my taxable income?
Taxable income is the total amount of your income that is taxable. Certain types of income are exempt from taxes, but most income is taxable. To find out more information about taxable income, go to http://en.wikipedia.org/wiki/Taxable_income
