Discussion:Pastor Housing Allowance Calculation
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Discussion Forum Index --> Tax Questions --> Pastor Housing Allowance Calculation
Holwilliams (talk|edits) said: | 22 May 2008 |
| I have 2 pastors that purchased homes this year and are updating their housing allowance amounts. For one pastor, this is their first home, so I am sure the $25K down payment is included in his housing for this year. The other pastor sold a home and put the proceeds of $125K down on the new home. Does that also get included in his housing allowance? | |
| 22 May 2008 | |
| Yes, but don't forget that the upper limit on the housing allowance is the fair rental value of the house, fully furnished, plus utilities. I suspect a $125k down (possibly even a $25k down) will result in an amount in excess of fair rental value. | |
| 22 May 2008 | |
| Please fill out your profile.
Since you used past tense, it is probably to late to do much for the down payments. Housing allowance amounts must be set ahead of time. They are not retroactive. | |
| 22 May 2008 | |
| Clergy Allowance Clarification Act of 2002: http://www.gcfa.org/PDFs/CHAllowance.pdf | |
| 23 May 2008 | |
| For a great resource, visit the website of B.J. Worth [1]. B.J. conducts seminars all over the Midwest on the topic of clergy taxation. I've attended her seminar 3 times, and it is excellent, as are her materials. She's located in the gleaming metropolis of Warsaw, Indiana. | |
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