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Taxes on loan

I recieved 37,000 from my grandmother as a loan . Do I have to report this as income? does she have to report this on her taxs?

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Answer #1

If there was any paperwork involved, claim it.

If there is no paper trail, then don’t claim it

Although, a clear loan without interest that comes to you and goes back out isn’t actually an income, is it…?

Answer #2

No. It’s a loan…not Capital Gain. In fact if it is on paper and you are repaying the loan (depends on Fed and State law), you may be able to claim a deduction on interest paid. You may also have to show that the money was used for the intent of the loan. I could be wrong but I don’t think I am

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