Do I have to report personal income for business loan?
I have my own business-started 6 months ago. Barrowed money(from personal credit card). Then I wrote out a check(from company's account) to myself as to pay a portion of credit card balance. Now, do I have to report that amount to my personal income tax or is that amount portion taxable? Better yet, how do I treat this personal income as for so called business loan payment?
Public Comments
- You loaned the business money. The loan is not income, nor is the repayment.
- you don't mention anything about income in your question - writing a check for your personal cred card is just drawing on your equity - it's not income - did the BUSINESS have any actual revenue or income after expenses? that's the only thing you have to worry about - it's not "personal income" either - if you're going for a business loan, you better have an accountant do your bookkeeping for you so it gets done right
