If city gives grants to residents for sidewalk repairs are the grants taxable and if yes can taxable amount be offset by cost of repairs
-
-
mar14, if I remember correctly, I believe this would be taxable as "other income" to the extent grants exceed the cost of repairs. If the cost of the repairs exceeds the grant, I believe it is nondeductible, but increase the basis of the property.
Someone else on the board may know more current information than myself.
Comment