How can it be income when it's a LOAN?

[Deja Q]

:shrug:

[NewWaveChick1981]

1. It can't. Loans are not your own money until they're paid back.

Loans put you in debt. Who said loans were income? :shrug:

[Deja Q]

5. Agreed. I'll have to call them and ask why it can be taxed.

The application form keeps using the M word, "may".

Very bizarre...

[sir_captain]

2. If that were true, I'd be totally fucked

Seeing as I just borrowed $75,000

[billyskank]

3. Quit your whinin' and hand over your money, sucker

Only the rich get to avoid tax. :P

[MrCoffee]

4. Income is

all income from whatever source derived, including (but not limited to) the following items:
(1) Compensation for services, including fees, commissions, fringe benefits, and similar items;
(2) Gross income derived from business;
(3) Gains derived from dealings in property;
(4) Interest;
(5) Rents;
(6) Royalties;
(7) Dividends;
(8) Alimony and separate maintenance payments;
(9) Annuities;
(10) Income from life insurance and endowment contracts;
(11) Pensions;
(12) Income from discharge of indebtedness;
(13) Distributive share of partnership gross income;
(14) Income in respect of a decedent; and
(15) Income from an interest in an estate or trust.

26 USC 61

[lizziegrace]

6. Are you borrowing against a retirement account?

If you don't pay it back, then it will be considered income.

[pitohui]

7. if you don't pay back the loan IRS considers it income

i don't know what it's in reference too but i am going to assume that someone wrote off a debt to you as a bad job that they don't expect you to pay back, and you got one of those letters from IRS informing that you now owe tax on it?

it seems fairly shitty to me because people don't pay back loans because they don't have the money, but it has been that way probably 20 years now, might be another IRS "enhancement" we can blame on reagan/bush

[otherlander]

8. How can I have to pay taxes if I can't vote?

I thought we had a revolution about that... and I thought we won. :shrug:

[pitohui]

9. why can't you vote?

if you're underage, well, it is assumed that you will be able to vote one day

if you committed some crime and lost your rights, unfortunately, that is part of the penalty, although i would appeal to my congresscritter or at least check w. my attorney to see if there was any way to regain my rights

[otherlander]

10. it's the first one.

but if it was the second one...should I call Congress right fucking now? :evilgrin: