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I was in desperate need, so I applied and received a payday loan. Do I need to claim this on my taxes, since it might be considered a source of income?

5 Responses to “Yet another tax question! Do I need to claim my payday loan on my taxes?”

1. Spock (rhp) on May 31st, 2009 7:04 pm

   it isn’t taxable income.

   neither is the repayment deductible.

2. GG on June 4th, 2009 3:28 am

   not at all and i am 100% positive about this

3. Judy on June 6th, 2009 1:56 am

   No, loans are not income for tax purposes.

   Good luck.

4. Seminar Leader on June 9th, 2009 11:33 am

   A loan is not income because you have to pay it back. You can’t take a deduction for paying it back, or the interest charged on the loan, either. Hope your finances are in better shape now!

5. ivy on June 12th, 2009 9:57 am

   you should check in on this, because you did pay interest

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