In today’s video, Amy answers a question from a Pastor’s Wallet reader whose church wants to help him purchase a car and he’s wondering if that is considered taxable income.
Video: Q&A: Is a Car Payment Taxable Income for a Pastor?
In today’s video, Amy answers a question from a Pastor’s Wallet reader whose church wants to help him purchase a car and he’s wondering if that is considered taxable income.
Gift to pastor – obviously taxable income.
Ran into this years ago – church did not issue a W-2; IRS wanted it as Self-Employment income vs W-2 income; bit of a mess.
Best advice on how to report ??
Church should really report on the pastor’s W-2, even if the church has to file an amended W-2
Rick, I would agree that if the gift is coming from the church, it should be reported on the W-2.