Condo Q&A

Insurance proceeds exceed the cost of repairs by the association

Written by CondoAssociation.com | Mon, Aug 7, 2023 @ 02:30 PM

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.



 

 

Thoughts?