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Do I need to include a personal loan thru a loan company on my tax return?

Forum|Forum|6 years ago
June 1, 2019
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I took out a personal loan in 2015 but have not paid it all back yet. I have not received any tax forms from them yet.

Best answer by TomYoung

Generally, a personal loan gets mentioned no where on an income tax return as the interest is typically not deductible unless you used the money for business purposes. The only other time you'd mention a personal loan is if you failed to repay and the lender sent you a 1099-C, in which case you'd have to recognize the amount not paid back as "income."

Tom Young

T

TomYoungAnswer

Generally, a personal loan gets mentioned no where on an income tax return as the interest is typically not deductible unless you used the money for business purposes. The only other time you'd mention a personal loan is if you failed to repay and the lender sent you a 1099-C, in which case you'd have to recognize the amount not paid back as "income."

Tom Young