Updated about 5 years ago on .
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What will my tax bill look like for a flip if I used 401k loan
I recently updated a home I had by using a loan on my 401K. The home has sold and I have the funds to pay back my 401K loan; let's say for example that I was paid a $50K check at closing from the title company as my net. My 401K loan was for $25K. What I'm trying to figure out is when tax time comes next yr, will I be responsible for the full $50K check, as income, that I received or just the net of paying back my loan?