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#829816 - 10/05/07 05:05 PM Business Purpose or Consumer Purpose loan?
Pickles Offline
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Joined: Apr 2006
Posts: 275
Beach Bum, East Coast, USA
If a customer is self-employed and needs a loan to pay taxes, would you consider the loan a "business purpose" loan or a "consumer purpose" loan. The customer files a 1040 with a Schedule C, so I'm thinking personal, consumer purpose.... Opinions please!
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Living life in the fast lane, hitting bumps along the way, but enjoying the ride!!!!

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#829847 - 10/05/07 05:36 PM Re: Business Purpose or Consumer Purpose loan? Pickles
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
The payment of personal income tax is a personal expense - regardless of what schedule the income is reported.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#829855 - 10/05/07 05:40 PM Re: Business Purpose or Consumer Purpose loan? rlcarey
Pickles Offline
Gold Star
Joined: Apr 2006
Posts: 275
Beach Bum, East Coast, USA
thanks!!!!
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