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We are a church with a 501c classification. we acquired some…

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We are a church...

We are a church with a 501c classification. we acquired some property about 10 yrs ago for future building site. Recently we decided to sell the property. Is there a tax liability connected with this sale in WA state.

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What specifically do you need other than what I already gave you.

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Not that I am aware of. The church owns the property and wishes to sell. Are we liable for any tax state wise or federal.

Submitted: 8 months ago.Category: Tax
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Answered in 2 minutes by:
7/28/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,997
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane.

...

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

Bear with me a moment and I’ll provide my initial response, and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago

No, as long as the church does not regularly participate in the business of selling property, a gain on the sale of a parsonage would not be taxable.

...

However, if a church frequently sells property and is in the business of selling property to a customer, the church will be subject to UBIT (Unrelated Business Income Tax).

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago

In this situation (decided not to build and sold) your tax exempt status makes this a non taxable sale at the federal level, and of course, no state income tax,

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

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Lane, JD, CFP, MBA, CRPS
Category: Tax
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