Should money received from a bank loan to a Condominium Association be included in the Condominium's current year gross income for income tax purposes?
Are monies received from a bank loan in the current year included in gross income on the current year's income tax return (form 1120-H)?
Our condo association is only 2 yrs old. I was just elected president for the 2010 year and have to file our taxes for 2009. The previous president said that all she did for the 2008 tax year is copy the 2007 tax form completed by the developer for the previous year. I know this can't be right. In addition to the tax form, is there a document from the govt or from our bank account that I should reference in completing the form? Or is it just looking at our Dec. 2009 bank statement? We are a 6-unit condo, self-managed. All of our assessments are used to pay standard costs - garbage pick up, snow removal, etc.
Our homeowners association has been in existence since early 1990 and has not filed a return. I would like to file the returns for all the years that I can find the information for. Is that advisable or should we just file for the last 10 years or something in line with the statute of limitations for the returns
We, too, are a small HOA and qualify for tax Exempt status as a Non-Profit. I heard that Non-Profits now must file a form with the IRS. We hadn't previously since I was told we wouldn't need to. Do we only need to file the one form to register us with the IRS?
Being new to the blog area, can someone please tell me where I can post a condo related question? Is there a specific website?
In 2010, my condo HOA contracted to have new roofs installed on each building. Based on paying HOA fees (reserves), can the board prorate the cost of materials/supplies, divide it by the number of units, and each unit can deduct the expense as a capital improvment on their tax return?
I am in Illinois, and when a new board took, that was one the concerns they had; one the the board members called and wrote to the IRS and gave them a few facts about our concerns; we were told we do not have to file taxes as we do not have any one working for us, 60% of our assessments go to taking care of out association, we do meet requirements for exemptions.
If our association received a sizable check from BP due to a claim we submitted for lost income the association incurred from reduced parking fees...is this considered to be taxable income? We are located in Orange Beach, Alabama
If a Condominium Association in Florida forecloses on a condo unit and buys it back and rents it out, is the Association required to pay sales tax?
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CAN AND SHOULD A CONDO OWNER ASK THE IRS TO INVESTIGATE A HOA. SINCE THE HOA WANT SHARE INFORMATION
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Should an incorporated 501-C(4)HOA have a tax exemption certificate to use when purchasing goods for the association?
I recently purchased a condo in CA and became the HOA president only to find that the association has not been filing state and fed tax returns or the statement of common interest to the SOS office. The status of the corporation is suspended. The CC&R states it a non profit Corporation but I doubt anyone has filed for the state or fed tax exempt status. The association is under reserved and the property has been under maintained so the available reserves are already earmarked for maintenance. Has anyone else gone through the process of reviving a CA HOA corporation? What types of fines are there for not filing with the SOS. Are there minimum tax fees for CA state? What is the statute of limitations on state returns, 7 years like the fed?
Are there any penalties with the IRS if we charge reduced HOA fees for boardmembers compared to other home owners in the HOA? We are having difficulty getting people in our community to participate in the HOA board. One idea being circulated is reducing fees for households 1/2 for those that participate in the HOA board. Concerns have been raised that this would be considered "income" & we could get into trouble with the IRS. However, no money is being circulated as income. We are just reducing or waiving HOA fees for some households.
I don't see any issue with it since our HOA is technically considered a corporation with the IRS & is only a "non-Profit" with the state. No one is technically getting a paycheck here.
We are part of small wi condo association. Seven of the condos are owned by father and son. He takes care of the grounds etc. fees are 1k per year. He charges us 7k to take care of everything. So he and his father think it should be a wash and don't pay any dues. He gets no 1099. I don't think this right let alone legal. Any thoughts
My question is can a co-op owner take out a individual Home Owners loan using their certificate? If so what are the stipulations?
We submitted paperwork to apply for a SBA loan post-Sandy, but we’re told the revenue and expenses on our tax returns -- previously submitted by the developer, now deceased -- do not match the financials that his partner later put together for us before the transition of control (he said the developer left him very poor records). Our current management found an accountant willing to help us prepare and submit amended tax returns, based on the figures we currently have. Is this normal or acceptable? As a board officer, I have no interest in signing off on something that would prompt fraud investigation (especially for stuff someone did in the past, in which I was in no way involved). Or am I making too big a deal, since we don’t pay taxes anyway? Thanks!