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#6
10-18-2003, 03:27 AM
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 Re: How to report credit card loan? anonymouse wrote: - quote - > I recently took advantage of a 0% credit card loan of
I don't see any reporting requirements.> approximately $30K. The money was transferred into a bank > checking account and was paid back in full within 3 months. > How should this be reported? If there were a finance charge based on a percentage of the amount transferred, that would be considered "interest" -- and if you invested the funds (i.e., your checking account is interest-bearing), then it would qualify as "investment interest", and be deductible(Note 1) if you itemized deductions.... But you asked about requirements, not about options. Note 1: To the extent of normally taxed investment gains (not divendends or long-term capital gains, except to the extent that you elect normal taxation.) -- This account is subject to a persistent MS Blaster and SWEN attack. I think I've got the problem resolved, but, if you E-mail me and it bounces, a second try might work. However, please reply in newsgroup. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
10-18-2003, 03:08 AM
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| Re: How to report credit card loan? Dave Woods, EA wrote: - quote - > "anonymouse" <ymlim0503[at]yahoo.com> wrote:
Good answer! NOW, the question is, WHERE (what form )> > I recently took advantage of a 0% credit card loan of > > approximately $30K. The money was transferred into a bank > > checking account and was paid back in full within 3 months. > > How should this be reported? > As a non tax related event... is it reported?  C$, HL << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
10-18-2003, 02:29 AM
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| Re: How to report credit card loan? ymlim0503[at]yahoo.com (anonymouse) wrote: - quote - > I recently took advantage of a 0% credit card loan of
You don't. The proceeds from the loan aren't income, and> approximately $30K. The money was transferred into a bank > checking account and was paid back in full within 3 months. > How should this be reported? there's no interest to deduct. The only thing you would have to report is any interest the money earned while sitting in the checking account. Otherwise it's a non-event as far as your income tax return is concerned. -- D.F. Manno dommanno[at]netscape.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
10-18-2003, 02:29 AM
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| Re: How to report credit card loan? "anonymouse" <ymlim0503[at]yahoo.com> wrote: - quote - > I recently took advantage of a 0% credit card loan of
Any part of the interest on the loan that was used to> approximately $30K. The money was transferred into a bank > checking account and was paid back in full within 3 months. > How should this be reported? finance a trade or business activity would be a business expense. If none was used for generating a profit (ie consolidated other personal loans, etc.., none of the interest is deductible. Mike Lewis, CPA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
10-13-2003, 05:47 AM
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| Re: How to report credit card loan? anonymouse wrote: - quote - > I recently took advantage of a 0% credit card loan of
it shouldn't. no tax consequence.> approximately $30K. The money was transferred into a bank > checking account and was paid back in full within 3 months. > How should this be reported? Cheer$, Harlan Lunsford, EA in LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
10-13-2003, 05:28 AM
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| Re: How to report credit card loan? ymlim0503[at]yahoo.com (anonymouse) wrote: - quote - > I recently took advantage of a 0% credit card loan of
A loan is not income, since you are required to pay it back.> approximately $30K. The money was transferred into a bank > checking account and was paid back in full within 3 months. > How should this be reported? There is no reporting requirement. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-13-2003, 05:28 AM
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| Re: How to report credit card loan? "anonymouse" <ymlim0503[at]yahoo.com> wrote: - quote - > I recently took advantage of a 0% credit card loan of
As a non tax related event...> approximately $30K. The money was transferred into a bank > checking account and was paid back in full within 3 months. > How should this be reported? -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-11-2003, 07:22 AM
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| How to report credit card loan? I recently took advantage of a 0% credit card loan of approximately $30K. The money was transferred into a bank checking account and was paid back in full within 3 months. How should this be reported? Thanks in advance, Y.M. Lim << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| card, credit, loan, report |
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