Money Paid back to Credit Line

May be this question should be asked to Accountant, but I'd appreciate legal advise. Will the money I pay beck to the credit line have to show on my income? If someone just gives me the check I deposit it into the credit line account to pay off the loan, will I be asked where the money came from?

New York, NY -

Attorney Answers (2)

Sean Thomas Wright

Sean Thomas Wright

Litigation Lawyer - Jackson Heights, NY
Answered

Speaking generally, the only taxable income for you in the sort of transaction you've described is any interest you receive. The transaction will need to be properly documented in case you are audited. You should definitely consult an attorney and accountant before you loan the money.

Daniel Dwight Bowen

Daniel Dwight Bowen

Business Attorney - Atlanta, GA
Answered

Geneally speaking a payment to a credit line is not income to you (it is income to the bank). Depending on the amount it may trigger a report by the bank. I do not understand why you have entered credit card fraud as a label. If this is an issue a face to face meeting with an attorney is in order to get advice.

The answer given is for informational purposes only and does not constitute legal advice. Dwight Bowen is a... more

Questions? An attorney can help.

Ask a Question
Free & anonymous.
Find a Lawyer
Free. No commitment.