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Do i pay taxes on money borrowed? Nevada. Not yet, still…

Customer Question
Do i pay taxes...

Do i pay taxes on money borrowed ?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Nevada

Accountant's Assistant: Has anything been filed or reported?

Not yet , still waiting for loan approval

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

I've gone to a money lender to for $20.000.00 , so if approved , will that be considered regular income ?

Submitted: 2 months ago.Category: Tax
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Answered in 5 minutes by:
12/20/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,715
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago

A loan is not taxable as income. If you default on the loan and the lender issues you a 1099C for cancelling the debt then that amount is taxable, but the loan when you first secure it is not a taxable event.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Category: Tax
Satisfied Customers: 16,715
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Experience: 15years with H & R Block. Divisional leader, Instructor

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