Taxed

By Terry Savage on January 30, 2024 | Taxes & Economy

Received money from FEMA, and a SBA Loan. How do I declare this money on my taxes?

Terry Says

Re the FEMA: Federal Disaster Assistance is Not Counted as Income Internal Revenue Service rules say qualified disaster relief payments are not counted as income as long as the reimbursed expense is not also paid by insurance or other reimbursement.

And your SBA loan is just that — a loan. Also not taxable — unless you default and it is “forgiven.”

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