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I have many question, 1- I born in the US and raised outside…

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1- I born in the US and raised outside and then I came back to study since 2014 as a full time student. I have received scholarship from Saudi Arabia and I receive monthly allowance not salary $1735.00/mo. So I did my master degree at University of Central Florida and I have tax document called 1098T. Now, Do I receive any tax return ? I did not file any tax yet.

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2- I am owner at Marriott Timeshare and I receive 15000 points annually from Marriott which allow me to stay at any vacation club or hotel or resort that operated by Marriott. Now, I pay Marriott $1634.92/mo which is a loan to Marriott and the length of this loan is for 10 years. I pay Maintenance Fee to Marriott as well annually $8000. So I started to put advertisement on the internet such as Airbnb.com to help me rent those points. I put advertisement one in California State, Two in Florida State, One in Hawaii, and One outside the US. So I rent the point and I pay off my loan from that renting. Am I need to file a tax for that? Am I subject for any law enforcement?

Submitted: 8 months ago.Category: Tax
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8/7/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 8 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,406
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Hi, my name is Mark. I will be happy to help you with your questions. It is possible that part of your income may be considered taxable. Does the $1,735 that you receive cover living expenses?

The amount that you paid for tuition and fees would be eligible for a education credit. This would be reduced by any scholarship that was paid.

2. For the rental activity you would need to report the activity on Schedule E. You would be able to deduct the expenses associated against this (interest and maintenance fee).

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Customer reply replied 8 months ago
Mark, thank you for your fast response.
for my scholarship it is not income. It is allowances. This is the exact words I receive for proof of income "This is to certify that the above named student has a full scholarship
from the Saudi Arabian Government which pays him/her a Yearly personal
allowance of $ : 22,173.36"
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 8 months ago

Does your scholarship pay your tuition?

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Customer reply replied 8 months ago
they pay the tuition and all university's fee
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 8 months ago

A scholarship is tax free if you are a degree candidate and the award is used to pay for tuition and required fees, books, supplies and equipment

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 8 months ago

Do you pay anything in addition for tuition?

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Customer reply replied 8 months ago
No. I have not.
So, please bear with me as I raised out side and came back to the US again and I don't know the system well.
So I can now file a tax for my school tuition and got the tax refund from 2014 to 2016 ?
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 8 months ago

Are you a US citizen?

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Customer reply replied 8 months ago
Note that I did not file any tax. I only have Social Security Number
Customer reply replied 8 months ago
I am US citizen
Customer reply replied 8 months ago
I born in Arizona and raised outside.
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 8 months ago

I live in Phoenix. If you are a US citizen you are taxed on your world wide income. You would be eligible for a education credit if you had out of pocket expenses for tuition and fees. Did you pay anything in addition to the amount that you received for the scholarship.

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Customer reply replied 8 months ago
Oh Phonix, I born in Mesa just 20 mils east of Phonix.So, now for the rental services. I do not have any shop or store I just rent them online. What exactly do I have to do with the IRS?
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 8 months ago

I am in ahwatukee (South Phoenix) - only 5-10 miles from Mesa.

For the rental activity you would report the income and expense on Schedule E.

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