Do I declare personal loans on taxes?

You do not declare personal loans on taxes, unless you qualify for a tax deduction for your personal loan interest. If you use your personal loan to finance qualified education expenses, to fund a business, or to buy investments like stocks and bonds, you may be able to deduct the interest portion of your personal loan payments (but not the principal). If you don’t qualify for an interest rate deduction, personal loans are generally not reported on your taxes.