Richard Hammar shares that sometimes ministers incur more housing expenses than they anticipated during the year, which may mean that their housing allowance is not enough to cover all of their housing expenses.
Often this is due to unforeseen housing expenses, or to the purchase of a new home.
For whatever reason, if a minister’s housing expenses exceed the church-designated housing allowance, then the minister may not be receiving the full value of this important tax benefit.
To amend your minister’s housing allowance you will need to pay attention to the following rules as found in this article, Amending a Housing Allowance.
If we can assist you with your minister’s housing allowance contact us today.
Steve Crawley, PhD BMA Financial