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Are Loan Proceeds Taxable Income? [Video]

Are Loan Proceeds Taxable Income?

If you borrow money, are the loan proceeds taxable income?

No.

If you borrow money, you’re supposed to pay it back, so your net worth is unchanged.

You haven’t had an accession to wealth, so it’s not taxable income.

But what if you don’t repay the loan? What if it’s forgiven?

Now you’ve been enriched, through a discharge of indebtedness.

Cancellation of debt is taxable income per Section 108 of the tax code, although there are exceptions (such as if you’re bankrupt or if it’s a student loan tied to public service).

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