 Y am I not eligible for the economic tax stimulus? |
| I had a son nov 2007. i'm 19 yrs old n i filed my 2006 and 2007 taxes together in februaury. My mother didn't claim me, and still yet I did not receive a letter saying I would be receiving ... |
|
 When you file your taxes this year what are you spending your money on? |
| When you recieve your check this year what do you plan on spending it on this year?And how do you plan on spending it and why?... |
|
 Should we we file joint or separate taxes? |
| I got married last April so this is all new to me. We live in California. My husband was a student last year and made $15,000. I made $57,500. I would like to know what is more advantageous as a ... |
|
 What is the best way to file for taxes for a first time married couple? |
| My husband and I married in March of 2007? We have three children. I am wondering what way we can file and still get a good amount back. Last year I filed and received $5,000 and he filed and ... |
|
 I didn't file taxes in 2003, is there a waiver so I don't have to pay the penalties? |
| I got a letter from IRS saying I owe money for not filing taxes in 2003. I was 19 and made 16k that year. I lived with my parents and I was a full time student but I wasn't claimed as a ... |
|
 How do I report someone that I know is babysitting for money but not claiming the income? is this tax evasion |
| I have someone that I know is babysitting children, in her home and charging people money. I know that she does not claim this money on her taxes and has done this for over 10 years? There are ... |
|
 Income tax question? |
| I have a serious question about my W2 forms I lost all my forms by accidently thowing them in the trash do I contact the IRS for help?... |
|
 Tax debt relief HELP!!!? |
| My roommate is in debt $12,000 with the IRS and it just keeps stacking up, we barely make it by as is and have no money to pay a tax debt relief company to help, does anyone know of any that are free ... |
|
 If I sold my house low then what i paid for, can i claim it for the tax? |
| As you all know, the house price is low. I am going to sell my house and it probably will lower than what i paid for. Can I claim it next year for tax?... |
|
 Is Social Security funds about to run out soon? |
| i see on the news, read on papers hear from people that Social security will soon run out of funds. if this is true then why am i still paying into it if im not going to get anything back from it ... |
|
 Filing electronically - still forms involved? |
I will buy tax software and file my federal returns electronically. I have heard that you still have forms to mail to the IRS even if you file electronically.
Can someone tell me if you still ... |
|
 I recently lost my W2 tax forms and my job says it cannot help. Does anyone know how I can obtain a copy? |
| I would like to obtain it with no danger to my security. If you guys can help it would be great. Much appreciated.... |
|
|  |
yunimark | Do I need to report a loan taken from a company on my income tax report? |
I work for a company as a consultant, so I report my income on a 1096. I recently took out a loan from that company which I already signed a note saying I will pay it back in a certain number of years. Do I need to report the loan on my income tax report next year? |
 |
 
NGC6205
 |
A personal loan does not have to be reported on your income tax. However, if you pay back a portion of the loan and then the company forgives the balance, you will need to report the forgiven balance as income.
For example, assume you enter into a loan agreement with the company for a total of $10,000 to be paid back over 3 years with an interest rate of 8%. You make payments on the loan with interest for a year and then the company tells you that you can stop paying back the loan, that the rest of loan money is yours to keep. If this happens, the balance on the loan will need to be recorded as income in the same tax year. |
|
Judy1
|
No, you don't report a loan on your tax return. If you were to default on the loan, it's possible that the defaulted amount would be taxable income to you. |
|
zanthus
|
I believe if the company says..oh you don't have to worry about paying it back, as in a forgivable loan, THEN its income to you. Right now, its cash inflow, but is a liability to you not income. |
|
shiprepairwoman
 |
No |
|
William
|
When the loan isn't reportable as income to you, it should be very well documented and at arms length. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 4 minutes(s) ago
| | | |
8 | 44 minutes(s) ago
| | | |
8 | 55 minutes(s) ago
| | | |
8 | 1 hour(s) ago
| | | |
8 | 5 hour(s) ago
| | | |
8 | 7 hour(s) ago
| | | |
8 | 11 hour(s) ago
| | | |
8 | 1 day(s) ago
| | | |
8 | 5 day(s) ago
| | | |
7 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
