The Tax Questions Blog

Posts Tagged ‘grants’

Question: Taxes for College Student?

I am enrolled FT in college. I recieved a grant/scholarship & I took out a loan. I usually fill out the 1040EZ and the Basic Minnesota form. Is this taxable?? Do I need to report this??

Answer: As long as the grant/scholarship is used for tution, fees, books, supplies and equipment required for courses, enrollment or attendance and the amounts are not a payment for your services, they are tax free and do not need to be reported on your tax return.

New Laws Effective January 1, 2010

The following legislation will take effect beginning Jan. 1, 2010.

Question: How do you figure taxable income from your Adjusteed Income,when you do your tax returns?

My taxable income was $23,409 Less than my Adjusted Gross Income. There was $10,460 For total tax and credits. My question is how do I find out where the $12,949, that was taken from the Adjusted Gross Income? Does this have something to do with the taxes I payed on my mortgage loan on my house?

Answer: The difference between Adjusted Groos, and Taxable Income, is your personal exemptions and either standard or itemized deductions.

Real Estate

The first article ' Ownership of Land in China ' focused on a general overview of real estate law in the PRC and a brief outline of the bid process for acquiring land use rights.

Buying a Home in 2010... Taxes Do Matter