Tax Considerations When Renting Ministry Parking to Others
A growing trend for churches and ministries that own their property is the renting of parking spaces to others outside their organization. Whether the rented parking spaces are for periodic or 24/7 usage, there are tax consequences that come with these income opportunities.
The tax consequences of renting parking spaces differ for Washington State excise taxes, Washington State property tax exemption, and IRS unrelated business income taxes. Failure to understand the rules can lead to penalties and interest on unreported taxable revenues and unpaid property taxes. In our next webinar, Rick Battershell will unpack this to help you better understand the tax implications related to renting parking spaces as outlined in Washington State and IRS tax rules.
This upcoming webinar will be held on Wednesday, January 29, 2024, at 1 pm. We will explore:
- Sales and Business & Occupation taxes in Washington state
- Real estate rental exception for full-time rentals
- Sales and B&O taxes for part-time rentals
- Taxes when renting a specific portion of a parking lot
- Property taxes in Washington state
- 15-day commercial use exception
- Estimated potential real estate taxes
- Allowing the public to use parking spaces for a donation
- IRS unrelated business income taxes
- Taxes when the property has acquisition debt
- Real estate rental exception for full-time rentals
- 85% use exception – how it applies
- Tax forms to file
To register for this free 1-hour webinar, click on this link. If you want to see this webinar but are unable to attend the live event, please register, and we will send you a link to the recorded webinar afterward for you to view at your convenience.
Note: CPE Credit is available for those who attend the live webinar.
Webinar CPE info:
- Prerequisites and Preparation: None
- Designed for ministry managers and boards to provide a basic understanding of the IRS regulations
- CPE credit: 1 hour, Technical
- Format: Live webinar presentation