Yet another tax question! Do I need to claim my payday loan on my taxes?
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?
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it isn’t taxable income.
neither is the repayment deductible.
not at all and i am 100% positive about this
No, loans are not income for tax purposes.
Good luck.
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!
you should check in on this, because you did pay interest