We (the church- 501c3) have been renting to a daycare for 30 years. It is a for-profit. The church has been renting for 1/2 market-value. There is no lease and they are paying via a "donation". It is my understanding that the IRS still considers that "rent". Is that accurate? I am also... Read more »
My experience with 501(c) exempt organizations is limited. But I can provide this:
The church should be concerned about what is called "Unrelated Business Income". The Internal Revenue Service defines the income generated from unrelated business activities as income from a trade or business...Read more »
It sounds like you suspect that your husband has acted fraudulently. This situation is much more common that you might think. Therefore, IRS has organized several methods for you to report the tax return filing, to report the inappropriate claim of dependents, and to clear your good name. You will...Read more »
I agree with Attorney Blackburn that the premiums may be deducted. The expenses may be deductible as compensation to the recipient. However, this is not advised because they become subject to payroll taxes at both the company and individual level. This treatment may be more helpful when there are...Read more »
When you file your return, please make certain that you supplement Form 1040, Schedule D and Form 8949, to include a statement that references 26 U.S.C. § 121 - U.S. Code - Exclusion of gain from sale of principal residence. Be certain that you read the...Read more »
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