i am new to loans, and i have a basic question:
say i take out loans for the recommended cost of living amount (let's say that is $2,000 a month). do i have to pay taxes on that amount, so that i actually end up with less than $2k in my pocket?
i am used to earning a certain amount of money (say, $2k a month) but only receiving a percentage of that amount after taxes (something like $17.5k). does that pattern hold true for loans?
thanks
taxes and loans Forum
- Joe Quincy
- Posts: 373
- Joined: Thu May 16, 2013 10:42 am
Re: taxes and loans
No. Loans are not income because you pay them back with after-tax dollars.