Update (November 14, 2014): In an article prepared for the upcoming January/February 2015 issue of Church Law & Tax Report, Richard Hammar reminds us of two things:
First, the exclusion of the fair rental value of parsonages from taxable income remains intact.
Second, while Thursday's ruling still brings uncertainty about the long-term prospects of the clergy housing allowance benefit, there would still be a lengthy process involved before the benefit were ever to be changed. For now, all qualifying ministers who wish to receive housing allowances in 2015 should request their churches to adopt the allowances before 2015 begins, and should continue to do so in subsequent years until anything changes.
Be sure to read Rich's full analysis, which further explains the process and the various potential outcomes, in the nextChurch Law & Tax Report. Also, Rich includes Thursday's ...