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Tax Considerations
When Renting Ministry Parking to Others
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Here is What You'll Learn
Washington State and IRS Tax Issues to Consider:
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 this 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.
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
About Rick Battershell
Rick Battershell has a Master’s Degree in Taxation and has specialized in the accounting and taxation of churches, nonprofit organizations, and ministers for over 30 years. He is a regular speaker for the Northwest chapter of the Church Network (formerly National Association of Church Business Administration).
Comments from those attending previous seminars by Rick:
"I became aware of things that I didn’t know I needed to be aware of."
"Great practical information and lots of it in a short amount of time."
“I learned many things and even had a few things I do confirmed."