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What tax write-off's, and/or financial benefits, could an…

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What tax write-off's, and/or financial...
What tax write-off's, and/or financial benefits, could an employer possibly get from a property they supply to a residential manager? The property has a fair market value that is 1600 per month, although they state it's being charged to the manager/employee st 500 per month, no money changes hand and it doesn't reflect on the the payroll stubs in any way.
Submitted: 1 month ago.Category: Tax
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6/24/2018
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 month ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,767
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 month ago

If the expense is an "ordinary and necessary" business expense the employer would be able to deduct the expense of providing a residence for the manager as a business expense

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 month ago

Fringe benefits are generally included in an employee’s gross income (there are some exceptions). The benefits are subject to income tax withholding and employment taxes.

"Fringe benefits include cars and flights on aircraft that the employer provides, free or discounted commercial flights, vacations, discounts on property or services, memberships in country clubs or other social clubs, and tickets to entertainment or sporting events."

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 month ago

In general, the amount the employer must include in the W2 is the amount by which the fair market value of the benefits is more than the sum of what the employee is paying for the rental.

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 month ago

You can exclude the value of lodging you furnish to an employee from the employee's wages if it meets the following tests.

  1. It is furnished on your business premises.
  2. It is furnished for your convenience.
  3. The employee must accept it as a condition of employment.
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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 month ago

If you allow the employee to choose to receive additional pay instead of lodging, then the lodging, if chosen, isn’t excluded. The exclusion also doesn't apply to cash allowances for lodging.

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 month ago

Please let me know if you have any additional questions.

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 month ago

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I noticed you have not yet accepted the answer above. Would you like any clarification for the information above? If not please take a moment to close out the question by clicking on the ***Stars*** on your screen

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