My client received a USDA grant for his farm in the amt. of $1411. Is this grant reportable? Thanks for your help in advance.
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Need more info.
What was the grant for? There are many kinds of USDA and FSA payments made. -
USDA Grant
The grant was for fencing taxpayer's property. The grant paid for half of the fence and taxpayer paid the other half. I've also been depreciating that fence. Didn't know there was any grant involved until now. I'm wondering if that will effect the depreciation? Thanks for your help.Comment
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Reduce basis
Reduce the basis of the fence by the amount of the grant received.Comment
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If the amount is reported on a 1099, I always report it and then take the whole expense.Comment
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