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The income you don't use toward tuition, fees, books, etc, is taxable income, so make sure you report it to the IRS.
by abraininavat 14y ago
The income you don't use toward tuition, fees, books, etc, is taxable income, so make sure you report it to the IRS.
- jiggy2011 14y agoI don't know how financial aid for college works in the US but in the UK it is mainly to be used for living expenses. And in this context "living expenses" seems to include things like beer and xbox games.
- abraininavat 14y agoWhat people use it for and what you can legally use it for without being taxed aren't necessarily the same thing. Regarding the US, please see: http://www.irs.gov/pub/irs-pdf/p970.pdf http://www.irs.gov/pub/irs-pdf/p970.pdf I quote: "Expenses that do not qualify. Qualified education expenses do not include the cost of: • Room and board, • Travel, • Research, • Clerical help, or • Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution" Any expenses used toward a drone are clearly taxable even if you call it "Research". In practice, the IRS would never find out (unless you were audited). Unless, that is, you went and posted your idea on your blog and then posted that on HN.