pastor with a question (dilemma?) a church I serve is gifting myself and family proceeds from land they'd sold (in lieu of a raise, which they simply can't afford to do). I'm simply paying off debt for the most part. Don't have a lot, but don't make a lot, so this is going to help very much.
my question is this, and forgive my ignorance. I truly don't know. but if they pay any debt I have directly (by which I simply mean from their account to any debt-holders of mine), must I record this as income?
Thanks so much for any help! I'm hopeful to have this remedied asap! I just don't want to spend too much of this money, even on eliminating debt, and then get nailed next year with a tax burden I could've accounted for right now. Thanks again!
-Drew |