Romans 4 talks about imputed righteousness. The Greek word translated "impute" is also translated account and reckon, according to the translation one uses. It means "to lay to one's account." Calvinism claims that the personal guilt of Adam is imputed to the account of all men at birth and that the personal righteousness of Christ is imputed to the believer. Evidently some of our brethren are beginning to dabble in Calvinism.
I do not believe that the personal righteousness of Christ is imputed to the sinner any more than I believe that the personal sin of Adam is imputed to me. I am a sinner because I commit sin. Sin is not something one inherits; it is something one does. Sin is unrighteousness (1 John 5:17); it is lawlessness (1 John 3:4); it is failing to do good (James 4:17).
I am righteous because I do right. Righteousness is something that one does, not something that one inherits. "If ye know that he is righteous, ye know that everyone that doeth righteousness is righteous, even as he is righteous" (1 John 2:29; 3:7).
The sinner is accounted as righteous when through faith his iniquities are forgiven. This can only be through the blood of Christ (Romans 3:21-25; 4:6-7; Hebrews 9:14,26). "The wages of sin is death" (Romans 6:23). The sinner is under condemnation with no ability nor merit to free himself from the penalty. Christ who knew no sin, became sin (paid the penalty) for us all. By the blood of Christ, God can forgive all believers.
A man is convicted of a law violation. He must pay the fine or go to jail. He has not the ability to pay the fine. A friend is not a law violator. His innocence is not imputed to the criminal, only the payment is imputed to the criminal. The criminal is no longer charged because the fine has been paid.
So Christ has paid the penalty for the believing sinner. Christ's personal righteousness is not imputed to us, but the debt he paid is and we are no longer charged as sinners. It is only as I sin that I need the blood of Christ. His sinless life teaches me how not to be a law violator, hence, "he that doeth righteousness is righteous, even as he is righteous" (1 John 3:7).
~In Gospel Power, Anderson, Alabama, 5/16/99.