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#2
10-04-2004, 03:36 PM
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 Re: Homeowner's associations taxed how? Cheryl wrote: - quote - > Do homeowner's associations usually file tax returns?
See IRC Sections 528 and 6012(a)(7). They will need an EIN.> Are they generally non profits? > Do they need an EIN? > IF they are required to file a federal return, are > they generally required to file a state return? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
10-04-2004, 03:36 PM
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| Re: Homeowner's associations taxed how? - quote - > Do homeowner's associations usually file tax returns?
HOAs file one of two different returns, at their election,> Are they generally non profits? > Do they need an EIN? > IF they are required to file a federal return, are > they generally required to file a state return? each year: Form 1120H or Form 1120. The 1120H taxes investment income at 30% after a $100 exemption. The dues and expenses don't count as income or expense in the return. The regular 1120 treats dues as income and expenses as expenses. Any net income is taxed at regular corporate rates (15% up to $50,000). Planning usually uses the 1120 in a year in which expenses exceed revenues, generating a net operating loss; elect to carry it forward to future years, and you can have several years with no tax liability. In years where you are building up a reserve for major expenses (like re-roofing), the 1120H often provides a lower tax. Whether the HOA needs to file a state return depends on the state. -- Thomas E Healy, CPA, PC 1650 38th St., Ste 202W Boulder, CO 80301 Please send email to: tom[at]tomhealycpa.com, since I block all email at my newsgroup address. phone (303) 443-1804 fax (720) 489-3772 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-04-2004, 02:19 PM
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| Re: Homeowner's associations taxed how? "Cheryl" <cherylfdgm[at]yahoo.com> wrote - quote - > Do homeowner's associations usually file tax returns?
They can file Form 1120-H.- quote - > Are they generally non profits?
Was it incorporated that way?- quote - > Do they need an EIN?
Yes.- quote - > IF they are required to file a federal return, are
That would depend on state law, but I suspect so.> they generally required to file a state return? -- Paul A. Thomas, CPA taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-02-2004, 10:11 AM
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| Homeowner's associations taxed how? Do homeowner's associations usually file tax returns? Are they generally non profits? Do they need an EIN? IF they are required to file a federal return, are they generally required to file a state return? Thanks. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| associations, homeowner, taxed |
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