can I use my business loans as income?

Some cool apartment developing images:

Apartment creating at Marine Drive

Image by aromanos
Apartment building at Marine Drive

For far more houses click right here…

Question by curious mind: FHA help for homeowners program, drug do the homeowners have to pay tax on the amount that is forgiven?
With this loan modification program, discount Help 4 Homeowners, more about by FHA, will the homeowner have to pay a tax on the amount of the home loan that if modified, or forgiven, by the original lender? Will there be a balloon tax for that amount?

Best answer:

Answer by kunjaldp
If the debt is forgiven, then it is taxable as ordinary income, but I believe there is a law in making that would make it non-taxable as long as it was on your home which is about to be foreclosed.

Know better? Leave your own answer in the comments!
Home Affordable Refinance Program Eligibility Requirements Will Make …
Madison, order WI — (SBWIRE) — 11/07/2012 — One may now think of determining Home Affordable Refinance Program HARP Eligibility even if had been denied for the plan earlier. The federal … Recently, see the government announced enhancements to the Home …
If you would like more informaiton please visit here…

Wells Fargo to Help Sarasota Area Customers Facing Mortgage Payment …
Homeowners whose loans are "under water" – meaning they owe more on their mortgage than the value of their home – may be eligible to refinance their loan based on criteria including demonstrating ability to repay. Depending on eligibility for a loan …
If you would like more informaiton please visit here…

Question by Fcc Llc: can I use my business loans as income?
I have taken out several small business loans in 2011 for my LLC. Since I pay interest on these loans and they are paid in full, medicine do I count the principle loan as income?
Thank you for your answers, I can however use the interest paid on the loan as a tax right off correct?

Best answer:

Answer by miranda
No, it’s not income, it’s debt. And once you pay them off it’s a wash. It’s just like a credit card – you don’t claim any purchases you make on your credit card as income, nor would you claim a cash advance, so you wouldn’t treat a loan as income.

Yes, you can. May I suggest since you seem new at this that you consult with an accountant – there are things you simply won’t know, and they can help you. Or, at least get Turbo Tax or other business tax software that prompts you for the questions that you won’t think about.

Give your answer to this question below!