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Does a condo association with no taxable income need to file taxes?

How To Legally Solve Your Unfiled Tax Problems Without Expensive Lawyers And Accountants And You Can Do This From The Privacy Of Your Home, Even If You're Broke. Get it now!

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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... .

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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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I haven't filed my taxes. Can I still file the suckers?

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I didn't file taxes until I was 21 due to being misinformed about income levels, and didn't file in 2008. What do I do?

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I filed my taxes at H&R Block online. Can I file my taxes on TurboTax also?

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I currently filed my taxes online at H&R Block. Can I also file my taxes on TurboTax.

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How much money must one earn as a 1099 contractor to file income taxes.

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" "TAXES" "I currently filed my taxes online at H&R Block. Can I also file my taxes on TurboTax" "Should the US do away with corporate income taxes?" "How much money must one earn as a 1099 contractor to file income taxes" "How do I file interview expenses in my taxes? " "It is true that I don't have to file taxes for up to five years?

" "I haven't filed my taxes. Can I still file the suckers? " "I didn't file taxes until I was 21 due to being misinformed about income levels, and didn't file in 2008.

What do I do?" "I filed my taxes at H&R Block online. Can I file my taxes on TurboTax also?

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