If a person receives a scholarship does that person have to pay the IRS a tax on the value? The man that caught Barry Bonds record breaking baseball was assessed a tax the next day.
“If a person receives a scholarship does that person have to pay the IRS a tax”
I don’t think so, I think a “gift” can be 60K with no tax, and scholarships may be in a different catagory. I’ve never paid a tax, I mean, Ive never heard of anyone paying a tax on scholarship money. College scholarship, anyhow.
Interesting question.