I own property that we rent at no profit to our church. I am the pastor and we have a pass thru llc that is the owner of the property. I hope this makes sense. The church pays the mortgage and all expenses in association to the church. We only tithe and give offering. We receive no income from church.
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Regrettably, you cannot deduct mortgage interest or other property expenses that you do not pay.
You have what is considered a Not-for-Profit rental. Here are the instructions on how to report it.
To report Not-for-Profit (NFP) income in TurboTax
You can also enter your NFP expenses as part of Miscellaneous Itemized Deductions.
If you choose to enter your NFP expenses:
On the next screen, you can enter your NFP Rental expenses; these are expenses that you actually paid, not those that were paid by the church.
Some additional information
Your NFP Expenses amount will go to line 23 of your Itemized Deductions Schedule A. If they are more than 2% of your Adjusted Gross Income, they will be included in your Schedule A. If your standard deduction is higher than your Schedule A (Itemized deductions), you will use the standard deduction instead; TurboTax will default to the higher deduction.
Here are the 2015 standard deduction amounts for each filing status:
Regrettably, you cannot deduct mortgage interest or other property expenses that you do not pay.
You have what is considered a Not-for-Profit rental. Here are the instructions on how to report it.
To report Not-for-Profit (NFP) income in TurboTax
You can also enter your NFP expenses as part of Miscellaneous Itemized Deductions.
If you choose to enter your NFP expenses:
On the next screen, you can enter your NFP Rental expenses; these are expenses that you actually paid, not those that were paid by the church.
Some additional information
Your NFP Expenses amount will go to line 23 of your Itemized Deductions Schedule A. If they are more than 2% of your Adjusted Gross Income, they will be included in your Schedule A. If your standard deduction is higher than your Schedule A (Itemized deductions), you will use the standard deduction instead; TurboTax will default to the higher deduction.
Here are the 2015 standard deduction amounts for each filing status:
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