My wife was elected to our church's financial chair position. She is good with numbers but has absolutely ZERO tax knowledge. (I file our taxes, and I know just enough to be dangerous.)
This year we started leasing out our parsonage because it isnt needed by our new pastor, who already has a house locally. We were informed we need to file a tax return this year due to that rental income.
Now, I fully admit that I'm not a tax expert, and I didnt even stay in a Holiday Inn Express. So do we just need to file a 990-T and thats it? Rental income is all we have. [STRIKE]And line 6 under rent income references a schedule C. Do we need to fill out a separate schedule C for that line item? [/STRIKE] (EDIT: scrolled down and found all schedules are attached to the form)
On a related note, any suggestions for a tax prep expert that is familiar with this in the Indy area if it comes down to that?
This year we started leasing out our parsonage because it isnt needed by our new pastor, who already has a house locally. We were informed we need to file a tax return this year due to that rental income.
Now, I fully admit that I'm not a tax expert, and I didnt even stay in a Holiday Inn Express. So do we just need to file a 990-T and thats it? Rental income is all we have. [STRIKE]And line 6 under rent income references a schedule C. Do we need to fill out a separate schedule C for that line item? [/STRIKE] (EDIT: scrolled down and found all schedules are attached to the form)
On a related note, any suggestions for a tax prep expert that is familiar with this in the Indy area if it comes down to that?
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