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3 weeks ago
If I were the director of a new Company A and loaned $5,000 to my company, thereby making it a at call loan since I'm connected to the company.
Could I claim this as a deduction on my personal income and reduce my taxable income by $5,000?
This sounds true since the loaned amount will be taxed when Company A pays me back, but I'm not sure.
Most helpful response
No, a loan is not tax deductible.
When you are repaid the loan, it is not taxable.
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