I am a retired preacher, and the church purchased me $150,000 home for backpay owed. What would the tax be

[Vanessa · Accepted solution]

Yes, if this was in lieu of payment for services this would be included as taxable income on your return.

To report this you will do the following: (if you did not get a W-2)

1. Click Federal
2. Income & Expenses
3. Scroll down click Show More next to Less Common Income
4. Click Start next to Miscellaneous Income, 1099-A, 1099-C
5. Scroll down and click Start next to Other income not already reported on Form W-2
6. Click Yes, then follow the steps to enter the value of the house
7. When you get to Enter Source of Other Earned Income- select Other then Continue
8. Enter the value of your home.

The tax will depend on your other income, deductions and your tax bracket.  The best way to get an accurate answer is to enter it in TurboTax and see your taxes due.