taxes and loans

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.

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Joined: Tue Jul 09, 2013 3:09 pm

taxes and loans

Postby donotbeafraid » Sat Jul 13, 2013 9:22 am

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?


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Joe Quincy

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Joined: Thu May 16, 2013 10:42 am

Re: taxes and loans

Postby Joe Quincy » Sat Jul 13, 2013 9:37 am

No. Loans are not income because you pay them back with after-tax dollars.

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