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  2. Are personal loans taxable? How personal loans affect your ...

    www.aol.com/finance/personal-loans-affect-tax...

    Since lenders require you to repay a personal loan, they are considered debt and not taxable income. If a lender forgives some or all of the loan, you may have to pay taxes on the forgiven loan ...

  3. Cancellation-of-debt income - Wikipedia

    en.wikipedia.org/wiki/Cancellation-of-debt_income

    A loan by itself is neither gross income to the borrower, nor a tax deduction to the lender. This is because there is "symmetry" of assets and liabilities on both side: the borrower's increased wealth when the loan is taken out is offset by an obligation to repay that same amount.

  4. Personal loans: Are they taxable income? - AOL

    www.aol.com/finance/personal-loans-taxable...

    Personal loanstax deductions depend on how you use the money. When personal loans are used for personal needs, you are not able to deduct payments from your annual income for tax purposes. In ...

  5. Taxable Income: What It Is and How To Calculate It - AOL

    www.aol.com/taxable-income-calculate-185222875.html

    If you file a federal tax return as an individual, you could pay income tax on up to 50% of your Social Security benefits (assuming a combined income of $25,000 to $34,000).

  6. Alternative minimum tax - Wikipedia

    en.wikipedia.org/wiki/Alternative_minimum_tax

    The alternative minimum tax (AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges. [1] [2]

  7. Income tax - Wikipedia

    en.wikipedia.org/wiki/Income_tax

    The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the ...

  8. Nonrecourse debt - Wikipedia

    en.wikipedia.org/wiki/Nonrecourse_debt

    Recourse debt or recourse loan is a debt that is backed by both collateral from the debtor, and by personal liability of the debtor. [2] This type of debt allows the lender to collect from the debtor and the debtor's assets in the case of default, in addition to foreclosing on a particular property or asset as with a home loan or auto loan.

  9. Refund anticipation loan - Wikipedia

    en.wikipedia.org/wiki/Refund_anticipation_loan

    The practice of tax refunds being used in conjunction with car financing quickly spread throughout the area and then throughout the entire United States. John Hewitt purchased Mel Jackson's Tax Service and began to offer refund anticipation loans in 1988, building a national franchise out of the idea: Jackson Hewitt Tax Service.