Jump to content


Do I claim this on my taxes?

Recommended Posts

We recieved student loans last year for living expenses while going to school. We did not pay interest on the loans because we were still actively in school.


So dumb question..... because we used the student loans as living income do we claim them as "other" income? I know they are loan but because they were used for living expenses I didn't know if we should.


Okay now I feel foolish.......:leaving:

Link to comment
Share on other sites

Not a stupid question at all, but the answer is that no, you do not pay income on the loan, as long as it is a bona fide loan with the expectation that it will be repaid. If there is no real expectation that it be paid, then it is a scholarship or a gift or compensation and possibly taxable.


If it eases your mind, I am an attorney, and about half of my practice is tax-related.



Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Create New...