💰Money obtained from a line of credit or loan is considered a loan and not taxable income.
💰Money obtained from a line of credit or loan is considered a loan and not taxable income.
Is the money I get from a line of credit or loan taxable?
—No, the money obtained from a line of credit or loan is not taxable. It is considered a loan and not income. However, it's important to note that the interest on the loan may be deductible depending on certain factors.
12:31Money obtained from a line of credit or loan is not taxable. It is considered a loan and not income.
12:57The interest on the loan may be deductible depending on certain factors.
