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HOA tax tips

Here's a big one involving lots of money!

Did you know that money spent on capital improvement to common property can used to increase the tax basis of ones property just as can money spent by an owner of a unit to improve it?

Over the years this can mean very large savings in capital gains taxes.

And when it comes to an HOA considering the benefit of having a loan backed by property, money spent on paying off the principal can be used to increase the tax basis of ones unit and hence be able to save capital-gains taxes.  Maryland.


Lowered taxes = lowered access?

We are members of a 5 individual unit condo association. We all share in the common area and have always been taxed on 1/5 each.


New owner finds out association taxes not paid for 10 years

Our condo is a non-profit that has not filed taxes since 2006.


Does MO HOA have to file a tax return?

We are a small villa community of seniors. Does our HOA have to file a tax return for just collecting dues and paying set expenses?


Association tax forms: H&R Block suggests Schedule C

I know I need Form 1120-H federal form but am not sure which form for state of Oregon? I was told by H & R Block I needed Schedule C but the President of the Association thinks that is wrong. 

Will our association owe federal taxes on administrative fees?

Our condo association generates income from a $250 fee to process paperwork for refinancing and sales. Will the association owe federal tax on these fees?  Ohio.

Unit owner would rather pay property taxes than HOA fees

We have two delinquent units in our association of 22 units. I contacted the municipality to find that the taxes have been paid by a "servicing company".  I contacted the company only to be told that they cannot provide/confirm/deny who is making the tax payments. The association is not receiving the HOA fees on these units.  How is it that whoever is paying the taxes does not have to pay the HOA fees, and can pretty much stay hidden from anyone inquiring about them? The board needs those fees even if the owner of record is not living there or renting it out.


Can owner show the HOA tax returns to his accountant?

I am a member of a Florida HOA.  The official HOA financial records include tax returns. I requested copies which were provided under a cover letter saying the returns are confidential and cannot be disclosed to a third party. I wish to obtain an opinion from my accountant. Can the disclosure be prohibited by the HOA?


Are Florida Condo Associations exempt from any taxes?

Where can I find out more about Florida Condo Associations and exemption from taxes? As well, how can I file for a refund for my condo association?


How does each state regulate property managers differently?

I'm interested in finding how each state regulates the HOA /condo association property managers?



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