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Similar questions: condo association taxable income file taxes.
It looks like you do have to file I'm not an accountant, but the below does make it sound like you have to file no matter what:Federal law requires all associations to file a tax return. Most associations are not for profit and file under the provisions of Section 1120 of the Internal Revenue Code. To meet the requirements of the Code, associations must have an approved annual budget along with a reserve schedule and formal vote of the members of the use of any surplus.
Income is defined as exempt when it is received from owners in their capacity as association members, rather than in their capacity as customers for goods or services. Expenditures are defined as operating and capital expenditures that directly affect the association’s property. Generally, the “association’s property” for purpose of this discussion is property owned by the association for the enjoyment of its members.
Sources: vahoalaw.com/cat-board-member-responsibi... .
Our condominium owners association has no taxable income (everything goes towards building maintainence etc. With no interest income). We were planning on filing form 1120-h. Even though the amount we owe is 0, do we still need to file?
Asked by royloomis 56 months ago Similar questions: condo association taxable income file taxes Business > Taxes.
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