Monetary gift to pastor

Our church made a significant profit on sale of asset and wants to give a portion of the proceeds as a gift to our pastor to help him with his financial needs. Can this be given as a tax free gift to him?


Answer

No. It would be taxable income. Most of the time a love gift to an employee is a taxable gift. There are a few exceptions.

See this page for those exceptions.

In your case, it would definitely be considered taxable income.

Hope this helps,



Church Accounting Package

www.freechurchaccounting.com

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