Senior Couple - Tax Deduction for Housing
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Senior Couple - Tax Deduction for Housing
If a senior couple is going out to serve a mission and donates their money for housing to the ward missionary fund, is this 100% tax deductible? Their house is not being rented out while they are gone and they are still making their own house payments.
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Re: Senior Couple - Tax Deduction for Housing
They would have to seek the advice of a tax advisor for the correct answer to their question. Generally, if a person is able to itemize deductions on their U.S. income tax return, donations to the ward missionary fund are deductible, and the Church will include them on the annual tax form showing charitable contributions.bbjens20 wrote:If a senior couple is going out to serve a mission and donates their money for housing to the ward missionary fund, is this 100% tax deductible?
At that point, I would stop asking questions. [smile]
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Re: Senior Couple - Tax Deductions
I am trying to find good materials on senior missionary taxes. I know the $1,400 donated to the church is tax deductible. But opinions are all over the map as to what other expenses are tax deductible. Examples include:
Likely or partially deductible
1. Missionary food
2. Missionary travel expenses
3. Missionary clothing
4. Missionary medical
Not deductible
1. Mortgage on home left vacant or rented
2. Expenses on home left vacant or rented
Soes anyone have any good information they can share?
Thanks.
Bryan Sudweeks [Email removed]
Likely or partially deductible
1. Missionary food
2. Missionary travel expenses
3. Missionary clothing
4. Missionary medical
Not deductible
1. Mortgage on home left vacant or rented
2. Expenses on home left vacant or rented
Soes anyone have any good information they can share?
Thanks.
Bryan Sudweeks [Email removed]
Last edited by russellhltn on Mon Apr 03, 2023 8:34 pm, edited 1 time in total.
Reason: Removed personal information - this is a public forum
Reason: Removed personal information - this is a public forum
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Re: Senior Couple - Tax Deductions
You're going to need to find a tax expert. If you get audited, what matters is tax laws and what the experts say, not the forum. If you go it alone, I'd carefully read the tax department's publications on deductions for charity work. A few of those might fly, but I personally think most would not.
Pay attention to if this would require you to itemize to take the deduction. A few years back I had enough deductions to make itemizing worth it, but the current standard deduction is high I'm better off taking the standard. I'm pretty sure my deductions are higher than most members.
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