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Asked 12/6/2007
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Business loans/company property and repayments I need some help with a loan and a company truck.
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Answer 1/1 - Submitted 12/6/2007
Was the 300k personal loan in the companies name or your personal name?
I'm assuming it was in your name, and therefore the compnay does not "own" the loan. So you have taken out a 300k loan in your personal name? And i assume you have turned around and loaned the company the same amount, 300k and at the same interst rate?
the company would treat this as loan payments to you, and you do not have to report income on the entire payment amounts. However, i do believe you are required to report the interst as income, but that should be a wash if you loaned the funds at the same rate.
if you can provide additional details, i may be able to provide additional assistance.
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