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That said, a housing allowance is generally a form of payment designed to cover the costs of housing for employees. This can include rent or mortgage payments, as well as related costs such as cleaning and childcare.
What is the benefit of a housing allowance?
A housing allowance offers ministers the ability to deduct a portion of their gross income that they spend on housing costs from their federal income taxes. Housing allowances can include all big-ticket housing expenses, such as mortgage payments, rent, utilities, home insurance, home improvements, and so much more.
What is another name for housing allowance?
A parsonage allowance is a sum of money awarded by the same governing board of a house of worship to its minister to offset housing expenses. For tax purposes, this allowance is exempted from the recipients gross income. 1 A parsonage allowance may also be called a rental allowance or housing allowance.
How much can a pastor claim as housing allowance?
A minister can designate up to 100% of their salary be paid to them as a housing allowance. However, the IRS states that the maximum amount it will allow to be excluded from gross income is the smallest of the following: 1. The amount actually paid to provide for the personal residence for the year, 2.
Does housing allowance count as income?
Housing allowance is excludable from gross income for federal and state income tax purposes but not for self-employment tax purposes.
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