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If you take a personal loan to pay off credit card debt,

will that be considered taxable...
If you take a personal loan to pay off credit card debt, will that be considered taxable income by the IRS?
The debt has not been negotiated down and the loan will be paid back over 5 years.
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Answered in 45 minutes by:
8/25/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,155
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

No. The personal loan proceeds will NOT be considered taxable income by the IRS, and you do not report it on your tax return.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Just following up with you to see if you have any other questions. If so, please let me know so I can further assist you.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,155
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Thank you for the positive rating of my answer. It is very much appreciated!

Have a great weekend!

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Barbara
Barbara
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