Reporting line of credit on tax forms?
Forgive me if this is a silly question but I plan on filing my own taxes this year so im pretty new to the process. I have a basic line of credit from TD bank. Do I have to indicate this anywhere on my tax forms, the fact that I have this line of credit and am paying interest on it? Or is there no need to report this? Thanks in advance!
- Fred SLv 79 years agoFavorite Answer
There is no need to report the line of credit. It's not income, because you have to pay it back.
If the money you borrowed was for investment purposes, then the interest paid may be deductible, but otherwise, ignore the line of credit for your tax return.