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Old 08-17-2005, 02:53 PM
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scholarship gift, taxable?

What is the name of your state? MA

Hello.
My friend's father is willing to sponsor part of my college expenses (>$10000 a year). He is not reporting this money for tax deduction. Do I have to report this money and is it taxable? Thank you for your help.
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Old 08-17-2005, 03:36 PM
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Yes, we do have an income tax in the United States and have had one since (I believe) the year 1913.
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Old 08-17-2005, 05:56 PM
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If it is a gift, no, you need not report it. It is not taxable.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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