Personal use of ministry vehicle

Great summary of the rules for personal use of a ministry vehicle here, written by Kathy Hostetler, CPA, on the Nonprofit GPS blog.

This most often becomes an issue when the ministry buys a car and lets a senior person use it as their personal vehicle.  That creates taxable income.  Remember that if income is not reported, the IRS could take the position the unreported amount is an automatic excess benefit, which could create a severe penalty.  But that is a topic for another day. 

Check out the article for a survey of the taxability rules.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: