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BrotherMichael
Lv 6
BrotherMichael asked in Business & FinanceTaxesUnited States · 1 decade ago

tax question concerning grants?

Due to our flooding, I received some grants for repairs and replacement of items lost. We received three from my wife's workplace and one from FEMA. Are these grants considered income and taxed as such?

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  • cynic47
    Lv 6
    1 decade ago
    Favorite Answer

    These grants are not considered taxable income, but the amount of any such grants must be subtracted from any associated casualty loss you might be deducting on Form 4684 and Schedule A of Form 1040.

    Source(s): IRS publication 547: "Casualties, Disasters, and Thefts"
  • Lady Mala
    Lv 5
    1 decade ago

    Grants of any kind normally aren't taxable, but I'd call or stop by the www.irs.gov website to make sure.

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