In general, the fair rental value of the property is a question of facts and circumstances based on the local real estate market. If the pastor rents his or her home, the amount of the rent would be presumptive evidence of the fair rental value. Obtain the current fair rental value of your home from…
Have you paid off your mortgage? You may be able to exclude from your gross income other eligible housing expenses directly related to providing a home. Qualifying expenses include utilities, repairs, improvements, furnishings, property taxes and insurance. Any additional mortgage that does not apply to improvements on your home cannot be excluded from gross income….
A housing allowance is one of the greatest tax benefits available to clergy today.
The housing allowance exclusion is available only for qualified “ministers of the gospel.” The term “minister of the gospel” includes ministers, priests, and rabbis, i.e., those who have been ordained, commissioned or licensed by a church and who perform certain duties or services. These duties or services generally include the performance of sacerdotal functions, the…
In the case of a taxpayer using more than one property as a residence, whether property is used by the taxpayer as the taxpayer’s principal residence depends upon all the facts and circumstances. If a taxpayer alternates between 2 properties, using each as a residence for successive periods of time, the property that the taxpayer…
