by Mark
(Bessemer City, NC)
My in laws have offered to give us the money for a house as a personal loan. They wanted to offer this to us as an interest free loan that we would pay back. Would I be able to count payments to them as HA. If so how would I have to document that in order to do so?
1Comments
Properly approved HA
LLewis in NC
The church's properly approved housing allowance does not put limits on how you finance your house as a minister. To document this house expense, one would sign a written promissory note to your in-laws, including all the terms of the loan. In-laws would write receipts for all the payments you make to them which you would keep for proof of housing expense. Since Housing Allowances are approved a year in advance, you would have to know what you are planning to pay back for that year when requesting the allowance.