☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 3:36:21 AM

Where do I claim the payback of a loan?

My father sold a business to my cousin with the agreement that the cousins pays back a certain amount over 10 years.  My father has since past and that monthly payment comes to me.  My cousin will not produce a T5 as he's not incorporated.  Where should I declare this amount?

0 1 577
1 Best answer
New Member
Oct 30, 2019 3:36:22 AM

You are just the holder of a promissory note. It is not income. It is basically the same as if you loaned him the money and he paid you back.Any interest portion of the loan is income and reported as interest not on a Tslip.

1 Replies
New Member
Oct 30, 2019 3:36:22 AM

You are just the holder of a promissory note. It is not income. It is basically the same as if you loaned him the money and he paid you back.Any interest portion of the loan is income and reported as interest not on a Tslip.