An ordained minister and his wife were not entitled to exclude from their gross income the portion of a parsonage allowance they used to support their second home, the U.S. Court of Appeals for the Eleventh Circuit has found (Commissioner v. Driscoll, CA-11, 2012-1 ustc ¶50,187). The parsonage allowance exclusion was only available for one [...]
Read More 135 TC 557, 187, 2012-1 ustc ¶50, CA-11, Cherokee National Forest, Cleveland, Code Sec. 107, Commissioner v. Driscoll, Dec. 58.415, Eleventh Circuit, Eleventh Circuit Holds, Gross Income, home, Income Tax Planning, Income Tax Preparation, one's principal place of reidence, Parksville Lake Summer Home Area, parsonage allowance, Parsonage Allowance Not Allowed for Second Home, Tallahassee Tax Service, TallyTaxMan, Tennessee, U.S. Court of AppealsThe Tax Court has held that a portion of a taxpayer’s disability retirement payments was not excludable from income. The disability retirement payments were taxable because the payments were based upon the taxpayer’s length of service with his employer. Generally, retirement payments are excludable from an individual’s gross income if the payments are received under [...]
Read More Disability, disability retirement, Disability Retirement Payment, Gross Income, Income Tax Planning, Income Tax Preparation, law enforcement, medical disability leave, payment, service retirement, Tallahassee Tax Service, TallyTaxMan, Tax, work-related injuries, workmen's compensation