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Insurance proceeds exceed the cost of repairs by the association


This question is submitted by Brent C. out of Michigan

I'm a retired CPA and have a situation where the insurance proceeds collected by the condo association will exceed the cost of repairs by the association. The condo association files Form 1120-H.
Is the difference taxable to the association? Where do I get more information on this type of situation? Thanks in advance.




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Answers (4)

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