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slowbubblecar · 11-06-2008

[QUOTE=MATCHBX;263720]Sorry that I misspoke myself. It was a home improvement loan that she needed use up the money from. She wasn't looking for a tax deduction, just not get hit at the end of the year.
QUOTE]

Either way, you aren't taxed on loans. Taking a loan out doesn't constitute income so you aren't taxed on obtaining a loan. Just because you borrowed money, doesn't mean you don't have to repay it.

11-06-2008	#372
slowbubblecar Big Turbo Monster Join Date: Oct 2003 Location: Hopkins Drives: GTS and E55 Posts: 1,105	Re: I just want to take a quick poll... [QUOTE=MATCHBX;263720]Sorry that I misspoke myself. It was a home improvement loan that she needed use up the money from. She wasn't looking for a tax deduction, just not get hit at the end of the year. QUOTE] Either way, you aren't taxed on loans. Taking a loan out doesn't constitute income so you aren't taxed on obtaining a loan. Just because you borrowed money, doesn't mean you don't have to repay it. __________________ Life's tough.... it's even tougher if you're stupid. 7/25/09 Motorcycle cop pulls up next to me on UNI and says "Want to race?" Me- "I don't think you would stand a chance." Cop says "probably not" and drives off. Last edited by slowbubblecar; 11-06-2008 at 12:08 PM..