Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Is it possible to include money mart payday loans on your income tax return to see if a person is able to get some money back after filing.?
7 Answers
- ?Lv 71 year ago
Include them as what? They're not income and any interest isn't deductible. They don't belong on a tax return.
- Anonymous1 year ago
Money loans aren't tax deductible.
- StephenWeinsteinLv 71 year ago
If you still owe the money or you already paid back the money, no.
If you didn't pay back the loan and they forgave or cancelled the debt, then you have to include that -- and you will either get back less money or you will owe money.
- ShayLv 71 year ago
A LOAN is NOT income.
You can't include a loan as income.
Certain kinds of interest from loans might be a tax deduction - but not a payday loan.
Getting money back when filing is based on OVERPAYING your tax liability. You get a refund of any amount that was OVER PAID.
Including money from a payday loan as income would REDUCE your possible refund - NOT increase it.
- Anonymous1 year ago
Aloan is not income. If the loan is used for business purposes --unlikely--the interest paid may be a business expense and deductible.