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Are Personal Loans Tax Deductible? | Discover – Personal loans are not tax deductible when used for personal reasons such as wedding expenses, or to consolidate debt from multiple credit cards. However, Discover provides excpetions to this rule, including explanations on personal loan tax exemption.
Topic No. 505 Interest Expense | Internal Revenue Service – Topic Number 505 – Interest Expense Interest is an amount you pay for the use of borrowed money. Some interest can be claimed as a deduction or as a credit. To deduct interest you paid on a debt, review each interest expense to determine how it qualifies and where to take the deduction.
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How to Get Tax Exemptions on Personal Loans – 1) For investing in business If the personal loan taken out is invested into a business, the interest that you pay on the loan can be claimed as a tax deductible expense. What that means is that you.
Are Personal Loans Taxable Income? Tax Deductible? – Learn about all the tax implications and rules regarding personal loans. Find out if the borrowed funds can be considered taxable income and whether or not the interest paid on the personal loans.
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If I make payments to a bank to settle a personal. – · If I make payments to a bank to settle a personal guarantee of a loan to an LLC which I own a % of, is this a capital loss or a business bad debt write off?I also made loans to these companies which have gone bad due to the recession. They own and lease out commercial real estate.
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