Home Loan Between Church and Minister

Many churches help their ministers get into a home by providing money for a down payment.  These funds can be a taxable gift and become taxable income in the year they are received and may be designated as housing allowance or the congregations may elect to assist a minister with the purchase of a home by means…

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Missed the Tax Return Deadline?

The tax deadline for most clergy was Tuesday, April 18, 2017. We have some advice for those who missed the filing deadline.  File and pay as soon as possible. Clergy who owe federal income tax should file and pay as soon as they can to minimize any penalty and interest charges. There is no penalty for filing…

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Fair Rental Value Limitation

Currently, IRS has no written procedures concerning the method or frequency for determining this value. In its Audit Technique Guide for Ministers, the IRS tells its agents that determining the fair rental value of a parsonage “is a question of all facts and circumstances based on the local market . . .” It also suggests…

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Donating cash to a church

The IRS has various record-keeping and documentation requirements, depending on the amount of cash you donate to a church. Whenever you make a cash donation to your church, you must retain either a receipt, canceled check or a bank or credit card statement. It’s not necessary for you to send these to the IRS, but…

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What Qualifies as Housing Expenses?

Common eligible expenses include mortgage payments (principal and interest); rent payments; real estate taxes; property insurance; utilities (gas, electricity, water, sewer, garbage pickup, local telephone service); appliances and furniture (purchase or rental cost and repairs); remodeling expenses; homeowners’ dues; and pest control. Any expense to maintain and furnish a home. Cleaning services, food, domestic help,…

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