Fair Rental Value of Your Home

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Video Transcript:Fair Rental Value of Your HomeHi I’m Belinda Whitfield and today’s tax tip is for ministers that are receiving a housing allowance.One thing that may be over looked when it’s time to prepare your tax return is the fair rental value of your home. Now this is one of the special limitations that the IRS has on your housing allowance. One way to get this information is to contact your local realtor and ask them to do a market valuation for your home.Now you don’t want them to tell you how much your home could sell for. You want to know what your home could rent for. You also want them to take into account what your home would rent for fully furnished.Get them to put that in writing, give that to your tax preparer and make sure that they take that into account when they’re preparing your tax return.That’s my tip for today. If you have any questions visit my website at churchcpa.com and submit your question on my contact us page. Have a blessed day.Got questions about church finances? Submit your questions to me on my website at https://churchcpa.com/contact-us/]]>

Belinda Whitfield

Belinda Whitfield is a certified public accountant that specializes in serving churches and non-profit organizations. Through her firm, Whitfield & Associates, she provides tax services, accounting and compliance oversight and strategic planning for churches and non-profits throughout the United States.

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