Airbnb is a great way to earn extra income. However, renting out part of your home affects your ability to take the ministerial housing allowance.
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Reader Story: Supplementing Pastoral Income With Airbnb
This is a guest post by Stephanie Anderson of Andersonswife.com. She and her husband, Trevin, are pastors at Mannahouse in Portland, OR.Â
Stephanie Anderson of andersonswife.com.
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How The New Tax Law Affects Unreimbursed Business Expenses For Pastors
While pastors can no longer deduct unreimbursed business expenses on Schedule A, they can subtract them from their taxable income on Schedule SE.
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Are Pastors Eligible For The 20% Qualified Business Income Deduction?
The Tax Cuts & Jobs Act introduced a 20% deduction for qualified small businesses. As a pastor, even if you don’t have a side business, you may still be able to take advantage of it.
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