cozmikdolphin asked:
I was in desperate need, so I applied and received a payday loan. Do I need to claim this on my taxes, since it might be considered a source of income?
I was in desperate need, so I applied and received a payday loan. Do I need to claim this on my taxes, since it might be considered a source of income?
Tags: Desperate Need, Payday Loan, Tax Question, Taxes
February 24th, 2008 at 8:10 pm
it isn’t taxable income.
neither is the repayment deductible.
February 26th, 2008 at 9:02 pm
not at all and i am 100% positive about this
February 28th, 2008 at 7:56 pm
No, loans are not income for tax purposes.
Good luck.
March 1st, 2008 at 2:08 am
A loan is not income because you have to pay it back. You can’t take a deduction for paying it back, or the interest charged on the loan, either. Hope your finances are in better shape now!
March 1st, 2008 at 6:38 am
you should check in on this, because you did pay interest