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I used federal funds to rehabilitate apartments. If I rent them to low income tenants for the next 5 years I don't have to repay. When are the funds reportable to IRS?
These funds were part of the CARES act to help people who are at risk of becoming homeless. They were provided in the form of grants, but the signed contract characterizes them as a loan. I received a 1099-MISC but I don't think they are income. They will become only when the loan is forgiven. Am I correct or not?
‎February 9, 2021
6:18 PM