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K
kb-ly
April 9, 2023
Question

Need to boost my reported income

  • April 9, 2023
  • 1 reply
  • 0 views

I am an artist, a self-employed sole proprietor. I was unable to work last year because of illness and don't want to file a business loss. Can I boost my income by reporting a loan as income?

1 reply

P
PattiF
April 9, 2023

No, loans are not considered income. Income is money that you earn from a job, investments, or self-employment. 

 

You should file the tax return with the business loss for the year.

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K
kb-lyAuthor
April 10, 2023

What other income options are possible in my situation? A gift? A loan that has been forgiven? An investment from an outside source?

K
kb-lyAuthor
April 10, 2023

All of these were real contributions made to help me during my illness. Can I claim any of them as income?

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