Ask Experts Questions for FREE Help !
Ask
    Lowell7's Avatar
    Lowell7 Posts: 1, Reputation: 1
    New Member
     
    #1

    Oct 31, 2006, 07:35 PM
    What is taxable if anything
    An one time gift of 45000 was given to the pastor of our church for housing. The church gave it directly to the mortgage bank. Is it considered a gift through the church or income through the church?

    Thanks.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
     
    #2

    Nov 13, 2006, 08:36 AM
    Hello Lowell:

    If the church is a 501.c.3 charitable organization, then the DONATION is fully deductible by the donor.

    However, I suggest you be clear in your terminology. The $45k was given to the church - not the pastor. The church is exempt from taxes. The pastor isn't. Clearly, part of the pastors pay includes housing, and he has to pay taxes on that amount. I don't know what his salary arrangements are, but it doesn't change because of this gift.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #3

    Nov 13, 2006, 09:04 AM
    To further confuse this, I gather that the pastor is living in a building owned by the church that currently has a mortgage. If that's the case and the church is exempt under 501(c)(3), then the donor can take a tax deduction. The money was a gift to the church and appears to have been applied according to the donor's wishes.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Compute taxable income [ 0 Answers ]

Hi, help me please Morgan and Maggie are married and have two dependent children. They also fully support Mary's mother who lives with them and has no income. Their 2006 tax and other related information is as follows: Total salaries $110,000...

Taxable Alimony [ 1 Answers ]

Can taxable alimony received be considered compensation for purpose of contribution to an IRA?

Taxable scholarship ? [ 2 Answers ]

Dear Atlanta Tax Expert, I am filing 1040 NR EZ for 2005(Indian resident on H-1 B since September 2005) 1.I was a student until August 2005. I received a scholarship during my Masters, by which my out of state tax was exempted and I also got a $ 500 scholarship in January 2005. Is the...

Tax from taxable income [ 1 Answers ]

Hi, I am on F1 visa. Can anyone tell me what's the tax (line 15 in the 1040NR-EZ form) is my taxable income is $12875 (on line 14 in the 1040NR-EZ form). Second question is where do I need to file (i.e. send) the 1040NR-EZ form. Thanks a lot.

What will be my taxable marital status [ 1 Answers ]

Hi, I am married 2 yrs back.I am living in usa since may'2005 along with my wife.I have received my w2 form where it has been stated as Single.I have asked my employer to change that and sent them a new w4 form.My wife does not have any income and she does not have any social security number...


View more questions Search