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Old 01-06-2014, 11:15 AM
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TomCopeland TomCopeland is offline
Business Author/Trainer
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,033
Default scholarship

Originally Posted by WImom View Post
Do I have to do anything special with my taxes this year because I took the WI TEACH Scholarship for school and a $500 Grant for new items for my childcare?
You must report as income the value of your scholarship and the $500. Then, you can deduct as a business expense the value of the scholarship and the $500 based on the normal rules of depreciation.
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