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Re: Is there personal tax deductions on director at call loans

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Newbie

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Replies 1

Hi,

 

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.

1 ACCEPTED SOLUTION

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Most helpful response

Devotee

Replies 0

No, a loan is not tax deductible.

When you are repaid the loan, it is not taxable.

1 REPLY 1
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Most helpful response

Devotee

Replies 0

No, a loan is not tax deductible.

When you are repaid the loan, it is not taxable.