Reported 1 day ago
Personal loans are generally not considered taxable income since they are a form of debt that must be repaid. The exception arises if a lender forgives part or all of the loan, which may be subject to taxes. While interest on personal loans used for business purposes can be deducted, using the funds for personal expenses does not provide tax benefits. It's important to understand the potential tax implications of personal loans, especially regarding debt forgiveness, and to consult a tax professional for specific situations.
Source: YAHOO