Question about HOA tax returns. We fall into this category and never have surplus (almost always have special assessments):
- Most of its HOA units are used by individuals as residences
- It's organized and operated to buy, build, manage, maintain, and care for HOA property
- At least 60% of its gross income for the taxable year comes from HOA membership dues, fees, or assessments
- None of the HOA's net earnings or income goes to any individual, except if it's by a rebate of excess membership dues, fees, or assessments, for example
However, since our inception as an NPC, we just update our yearly report and haven't filed taxes. The original president/treasurer never did it or told anyone to do it. Then he moved, and we've had two Treasurers since.
So, we haven't filed taxes from 2010-2016.
What issues might we have? This is Illinois.
