Yahoo Answers is shutting down on 4 May 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Is it possible to include money mart payday loans on your income tax return to see if a person is able to get some money back after filing.?

7 Answers

Relevance
  • Eva
    Lv 7
    1 year ago

    Include them as what? They're not income and any interest isn't deductible. They don't belong on a tax return.

  • 1 year ago

    They have nothing to do with your tax returns.

  • Judy
    Lv 7
    1 year ago

    no, that interest is not deductible.

  • Anonymous
    1 year ago

    Money loans aren't tax deductible.

  • 1 year ago

    If you still owe the money or you already paid back the money, no.

    If you didn't pay back the loan and they forgave or cancelled the debt, then you have to include that -- and you will either get back less money or you will owe money.

  • Shay
    Lv 7
    1 year ago

    A LOAN is NOT income.

    You can't include a loan as income.

    Certain kinds of interest from loans might be a tax deduction - but not a payday loan.

    Getting money back when filing is based on OVERPAYING your tax liability.  You get a refund of any amount that was OVER PAID.  

    Including money from a payday loan as income would REDUCE your possible refund - NOT increase it.  

  • Anonymous
    1 year ago

    Aloan is not income.  If the loan is used for business purposes --unlikely--the interest paid may be a business expense and deductible. 

Still have questions? Get answers by asking now.