It depends: If it was a reimbursement, it isn't income. If it was income, enter the income as part of your gross income and enter any expenses incurred. Keep documentation of how the proceeds were used - reports, invoices, etc.State and local tax law may affect your situation. You may want to consult a local legal/ tax professional.

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Question

how do we characterize u.s. forest service grant proceeds on our llc return? this $$ was targeted to specific engineering tasks

Forum|Forum|1 year ago
March 13, 2025
1 reply
0 views

No text available

AmyC

Employee

It depends:

If it was a reimbursement, it isn't income.
If it was income, enter the income as part of your gross income and enter any expenses incurred.
Keep documentation of how the proceeds were used - reports, invoices, etc.

State and local tax law may affect your situation. You may want to consult a local legal/ tax professional.

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