Are loans considered income?

  1. scoop profile image84
    scoopposted 5 years ago

    Are loans considered income?

  2. LandmarkWealth profile image79
    LandmarkWealthposted 5 years ago

    If you hold the note on a loan, the income derived from the interest charged would typically be considered taxable if you did it by the book.

  3. paul pruel profile image73
    paul pruelposted 5 years ago

    No - if you're the borrower - you will pay the interest for the loans. However, if you're the person and it is your business to let people borrow money or loan money from you - Yes - it can be an income for you and those interests are subject for tax.