- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"clergy can still deduct home mortgage interest and RE taxes, even after excluding parsonage."
From: https://www.irs.gov/taxtopics/tc417
"If you own your home, you may still claim deductions for mortgage interest and real property taxes. If your housing allowance exceeds the lesser of your reasonable compensation, the fair rental value of the home, or your actual expenses directly relating to providing the home, you must include the amount of the excess in income.
In order to be able to exclude the housing allowance from income, the minister's employing organization must officially designate the housing allowance as such before paying it to the minister.
The fair rental value of a parsonage or the housing allowance is excludable only for income tax purposes. The minister must include the amount of the fair rental value of a parsonage or the housing allowance for social security coverage purposes."
Don't yell at us; we're volunteers