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I need to file an amendment to my tax returns to show income…

I need to file an...
I need to file an amendment to my tax returns to show income from a personal loan to my brother for his business needs. How do I categorize it in Turbo Tax?
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Answered in 5 minutes by:
7/21/2017
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
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Hi, my name is Mark. I will be happy to help you with your questions. Did your brother pay interest?

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Customer reply replied 1 year ago
No, it's an interest free loan
I took cash-out on my property refinance to give him a business related loan; interest free

You should not have to amend your return for this? This would not be considered income? Why do you believe an amended return is necessary?

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Customer reply replied 1 year ago
OK, the question came up with my new lender, who thinks I do not have enough income to pay back the loan. I showed the loan agreement with my brother as proof that I am able to make the payments properly. However, the lender thinks, it's not considered income, because it's not on my tax returns

The payments that your brother makes towards the loan are not considered income.

Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,442
Experience: Certified Public Accountant
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Customer reply replied 1 year ago
Got it. Thanks

The payments that your brother makes would not be reported on the tax return. It sounds like there is a debt ratio issue. The lender is still considering the loan that your brother is paying as your obligation.

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It was my pleasure. I was happy to help.

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Customer reply replied 1 year ago
Is there a way to resolve the debt-ratio issue by other means?

This is relating to your refinance? Are you the only person on the loan / title of the property?

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Customer reply replied 1 year ago
Practically yes; my wife is a joint-title holder, but she is a house-wife, with no income

I do not believe so. You would want to check with the loan officer.

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Customer reply replied 1 year ago
OK Thanks

It was my pleasure. Good luck.

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