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Get your taxes done using TurboTax
In general, both grants and forgiven loans are taxable income to an individual. However, expenses related to the grant/loan income should be deductible. The steps outlined in the provided post link are appropriate for reporting expenses for income on Form 1099-MISC.
City of Dallas Home Improvement & Preservation Program (HIPP) doesn't provide any information about taxes on the funds they provide. You may wish to contact them directly for clarification. In some cases, the intent of the grantor may imply the grant is tax-free.
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March 11, 2025
1:34 PM