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U.S citizen but my wife is a resident alien living and

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Hi I am A U.S...
Hi I am A U.S citizen but my wife is a resident alien living and working in Thailand. We file jointly every year and I exclude her income on the foreign earned income form. we are filing our 2016 taxes now.
In 2016 her Thai boss gave her a personal loan of $15,000 which she deposited in her Thai bank account. She now has to file an FBAR because it exceeds the $10,000 threshold.
My question, Is a personal loan considered income and does it need to be reported on her tax return. If so where would it go?
Im concerned because she makes less than $9,000 a year with her salary and if the IRS sees the big deposit of $15,000 in her account they might think she didnt report her full income.
Submitted: 7 months ago.Category: Finance
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9/24/2017
Financial Professional: bkb1956, Finance Enthusiast replied 7 months ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 5,992
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Personal loans are not considered income and do not get reported on a tax return.

However, if the loan is forgiven, it then becomes income.

If it's a loan, your wife should have something in writing (a promissory note that she signed) to prove that it's a loan in the event the IRS questions this in the future.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Category: Finance
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