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    Business Loan from a family member
    Morning,

    I have a small business. My grandparents have let me borrow $15,000 to purchase more equipment and remodel a few small things. I am wanting to know if this loan is considered income and will it be taxed when I fill my tax return.

    Thank you for your help,
    M


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    Hi M,

    If it's a real loan that you actually pay back, it's NOT considered income. But if you are forgiven the loan, meaning you don't have to pay it back...it will be considered income to the IRS. Here's an article from Forbes that might explain it a little better. Hope this helps!
    http://www.forbes.com/sites/robertwo.../#12376f9817f2


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    "Pay money to get money? Um...no."

    REAL BUSINESS LOANS WITH NO UPFRONT FEES
    Toliver & Bancroft
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    888-506-9935
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    That article from Forbes is really useful. Thanks for sharing !


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    That is all right.


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    i agree your best option is to speak to an accountant


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    Restaurant Business Finance

    http://www.restaurantbusinessfinance.com
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    I am an office worker, I find this to be true gmail login download mac


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    yes sir i got one person in forum who helped me


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