I have a church property loan in my name only. The loan has been paid for the past year by donations including my personal payments. The bills can no longer be met by the donations. And we are being forced to sell to pay the debt. If a profit is made after the sell and debt paid off. What is the legalities of profit made?
1 Answer from Attorneys
Asking this question at this point indicates you have a huge mess that imperils you and the church. By comingling your assets and monies with what I assume is a tax-exempt church, you have possibly imperiled their tax-exempt status and created a legal nightmare for yourself. This is the type situation where you needed to have talked to a lawyer and a CPA before ever starting. See both Monday. And since the church's legal interest now conflicts with yours, they should retain their own tax and legal experts.