Housing Allowance Worksheet Template For Ministers (Page 3 of 3) in pdf

Housing Allowance Worksheet III

(For ministers who own a home and are living in that home)

Section A

HOUSING ALLOWANCE EXPENSES

ESTIMATED AMOUNT

Utilities (gas, electricity, water, trash, local phone) ........

$ _______________________

Decoration/ Redecoration ......................................

$ _______________________

Furnishings and Appliances (purchase or repair) ..........

$ _______________________

Landscaping and Yard Maintenance .........................

$ _______________________

–

not excludable are expenses for a yard service

Structural Repair and Maintenance ...........................

$ _______________________

Pest Control..........................................................

$ _______________________

Personal Property Insurance on Contents ....................

$ _______________________

Umbrella Liability Insurance Policy ............................

$ _______________________

Personal Property Taxes on Contents .........................

$ _______________________

Down Payment on a Home .....................................

$ _______________________

Mortgage Payments (principal & interest) ...................

$ _______________________

Homeowners Insurance ..........................................

$ _______________________

Home Improvement Loan (principal & interest) .............

$ _______________________

Real Estate Taxes ...................................................

$ _______________________

Real Estate Escrow and Commission .........................

$ _______________________

Homeowner’s Association Dues ................................

$ _______________________

Miscellaneous Expenses .........................................

$ _______________________

Section B

Total all estimated expenses below on the line designated for “Total Estimated Housing Allowance”.

Keep in mind, the estimated housing allowance for ministers who own a home should be the

lesser of the “Fair Rental Value of Home” or the “Total Estimated Housing Allowance”.

TOTAL ESTIMATED HOUSING ALLOWANCE

$ _______________________

Fair Rental Value of Home (including utilities & furnishings) $ _______________________

Minister’s Name: _________________________________

Year: __________

Disclaimers

• Retroactive designations of housing allowance are not legally effective.

• The entire housing allowance designated by the Session is not necessarily nontaxable. Rather, it is nontaxable, for income tax purposes, only the extent that it does not exceed actual housing expenses or the

annual rental value of the home (furnished, including utilities).

• A minister’s housing allowance is an exclusion for federal income taxes only. Ministers must add the nontaxable amount of their self-employment taxes on Schedule SE (unless exempt from self-employment taxes).

• Ministers should keep accurate records and receipts of their eligible housing expenses as proof of their expenses.