jasdlm Posted March 25, 2022 Report Posted March 25, 2022 Retired Episcopal Priest has a pension of $45,000. Church Pension Group (payor) has designated all payments (for all retired clergy from the pension fund) as housing allowance (I looked it up for 2021 to make certain). Retiree lives in a very nice condo. Real estate tax, monthly maintenance fee, utilities, etc. are substantial. Prior preparer (for whom I have a lot of respect; I've worked very closely with him for years and never seen him make a mistake) only allowed $6,000 housing allowance. What am I missing? FRV is at least $24,000. Thanks much. BTW ... did MAMalady retire? Quote
Randall Posted March 25, 2022 Report Posted March 25, 2022 I think it is the lower of 3: allowance, FRV and actual cost. 4 Quote
jasdlm Posted March 25, 2022 Author Report Posted March 25, 2022 7 hours ago, Randall said: I think it is the lower of 3: allowance, FRV and actual cost. Thank you! That is exactly what I think, but I can't figure out how it would ever be just $6,000. I will add to my question about MAMalady to also ask about JJStephens. Miss them. Quote
TAXMAN Posted March 25, 2022 Report Posted March 25, 2022 I think I would change it to read lower of allowance, FRV, or actual cost. I would think 6K is way to low. 1 Quote
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