This is what Gemini says:
No, My Safe Florida Home (MSFH) grant funds are generally not considered taxable income for federal or SSI purposes, thanks to an IRS ruling and Social Security clarification, meaning you won't owe federal income tax on the money received for home improvements, but you should always consult a tax professional for personalized advice.
Key Points on Taxability:
- Federal Taxes: The IRS ruled these grants are excluded from gross income for federal tax purposes.
- SSI Benefits: Grants are also not counted as income for Supplemental Security Income (SSI).
- Your Responsibility: While the grant isn't income, you manage the funds (often as reimbursement) and are responsible for selecting a licensed contractor and paying for the work, but the grant money itself isn't taxed as income.
Important Considerations:
- Consult a Pro: The MSFH program itself isn't responsible for your taxes; it's always best to check with a financial advisor or tax professional.
- Program Updates: The program evolves, so check the official My Safe Florida Home support site for the latest FAQs on tax-related questions.
