A loan is never income (unless it is forgiven as bad debt, then it is income). You take out a home equity loan, it’s a loan. If it is sitting in a bank account on ‘filing day’, it’s an asset.
A loan is never income (unless it is forgiven as bad debt, then it is income). You take out a home equity loan, it’s a loan. If it is sitting in a bank account on ‘filing day’, it’s an asset.