I own a house in New Jersey that I live in. It used to have a 1000 gallon oil tank buried on the property to fuel my hot water heating boiler. In 2009 I had the tank removed and I converted my heating fuel to gas in hopes that it would be gone before it started to leak. But I was too late. Removing the tank was relatively cheap. But remediation will cost almost $50,000. The state is so determined to get these underground oil tanks removed that the DEP will pay around $2,500 for you to remove one, and an almost $50,000 grant for any remediation needed. The amount of the grant cannot exceed the actual documented cost of the remediation. And if I have too much money (I don't) I would not qualify for the grant. Now, a little over 4 years later, the state has come up with the money and just sent me the check for about $2,500, with about $47,000 more to come as I submit the proper bills. Now that check was issued, not by the DEP, but by the New Jersey Economic Development Authority, whatever that means.Am I going to have to pay Federal income tax on this money? Perhaps I will get some 1099 form for it? Or since the money just passes through me to the remediation contractor, is it handled some other way?Similarly for my state income tax?
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