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.
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