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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?
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…?
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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