Deja Q
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Fri Aug-25-06 03:46 PM
Original message |
How can it be income when it's a LOAN? |
NewWaveChick1981
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Fri Aug-25-06 03:47 PM
Response to Original message |
1. It can't. Loans are not your own money until they're paid back. |
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Loans put you in debt. Who said loans were income? :shrug:
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Deja Q
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Fri Aug-25-06 03:50 PM
Response to Reply #1 |
5. Agreed. I'll have to call them and ask why it can be taxed. |
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The application form keeps using the M word, "may".
Very bizarre...
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sir_captain
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Fri Aug-25-06 03:49 PM
Response to Original message |
2. If that were true, I'd be totally fucked |
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Seeing as I just borrowed $75,000
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billyskank
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Fri Aug-25-06 03:50 PM
Response to Original message |
3. Quit your whinin' and hand over your money, sucker |
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Only the rich get to avoid tax. :P
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MrCoffee
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Fri Aug-25-06 03:50 PM
Response to Original message |
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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
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lizziegrace
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Fri Aug-25-06 04:05 PM
Response to Original message |
6. Are you borrowing against a retirement account? |
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If you don't pay it back, then it will be considered income.
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pitohui
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Fri Aug-25-06 05:13 PM
Response to Original message |
7. if you don't pay back the loan IRS considers it income |
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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
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otherlander
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Fri Aug-25-06 05:14 PM
Response to Original message |
8. How can I have to pay taxes if I can't vote? |
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I thought we had a revolution about that... and I thought we won. :shrug:
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pitohui
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Fri Aug-25-06 06:15 PM
Response to Reply #8 |
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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
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otherlander
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Fri Aug-25-06 10:06 PM
Response to Reply #9 |
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but if it was the second one...should I call Congress right fucking now? :evilgrin:
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DU
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Wed Apr 17th 2024, 06:54 PM
Response to Original message |