Is repayment of a loan considered income?
Asked By: Lizeth Hartmann
Date created: Tue, Mar 23, 2021 3:49 AM
Date updated: Mon, Feb 6, 2023 6:21 PM
Video answer: Are loan proceeds taxable income?
Top best answers to the question «Is repayment of a loan considered income»
Because a loan means you're borrowing money from a lender or bank, they aren't considered income. Income is defined as money you earn from a job or an investment… The only time a loan would be considered income is if the loan was canceled by the lender or bank.
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