Remodeling and Pastor's Housing Allowance
I am in the process of remodeling an old house for my wife and me to live in for retirement.
I am presently serving a small rural congregation.
The total cost for renovation is $160,000. The total investment with the purchase of the house is $430,000.
If I withdraw from my retirement account $60,000 to pay off the balance of the remodeling costs, can this be considered Housing Allowance?
The approximate Fair Rental value is $64,000 using the Comparable Sales Method of 15%.