How Do Personal Loans Impact Taxes? – Chanell Alexander

Personal loans aren’t considered income and therefore usually aren’t taxed. They can still impact your tax filings, though, depending on how you use the funds and whether any portion of your loan is forgiven. Is a personal loan tax deductible? A personal loan is a liability, meaning it’s something you owe as opposed to taxable…

Chanell Alexander writes for NerdWallet. Email: calexander@nerdwallet.com.

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