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Are loans taxable 2024?

William Brooks | 2023-05-08 00:39:43 | page views：1316
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Ethan Davis

Works at the International Criminal Police Organization (INTERPOL), Lives in Lyon, France.
Personal loans are not considered income for the borrower unless the loan is forgiven. In other words, you cannot be taxed on loan proceeds unless the lender grants the borrower a reprieve on paying back the debt owed. This is known as loan forgiveness.
2023-05-16 00:39:43
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Sophia Moore

QuesHub.com delivers expert answers and knowledge to you.
Personal loans are not considered income for the borrower unless the loan is forgiven. In other words, you cannot be taxed on loan proceeds unless the lender grants the borrower a reprieve on paying back the debt owed. This is known as loan forgiveness.
Are personal loans considered income? | Investopedia
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