I am an owner in an 8 unit building that is self managed by 2 trustees. We all pay our fee on time. Our bills are up to date. Our checking account and reserve account are in good shape. However as the money seems to be managed properly, I never see a word about any income tax. Are we suppose to pay tax of some sort ? I was told we are non profit and the money coming in goes out on our expenses with the exception of a % that goes into our reserve account so there is no profit. The paid fees go directly to a Condo Association bank account. that is set up with a reserve account. Bills are paid by electronic transfer monthly Our Trustees pay the outside contractors mainly landscaping & plowing plus building maintenance and repairs by check as needed. Should I be concerned.
Please drag open the comment box from right bottom corner to make it larger.
Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.