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by nnvvhh 1131 days ago
Another aspect of this arrangement: you don't pay federal income tax on money you receive as a loan in the US. The money does not count as income because of the matching obligation to pay it back.
2 comments
sokoloff 1131 days ago
Said differently, it doesn't count as income because it's not income.

I borrowed just shy of a million dollars to buy my house. That money sure wasn't income...

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prepend 1130 days ago
Is there any county where a loan is counted as income?
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