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HOA tax tips

By CondoAssociation.com • June 13, 2016

Did you know that money spent on capital improvement to common property can used to increase the tax basis of ones property

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Do the other members of the condo association have any recourse, and should this individual have limited access to the common area as he is now paying less than all the owners?

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Our condo is a non-profit that has not filed taxes since 2006

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We are a small villa community of seniors. Does our HOA have to file a tax return for just collecting dues and paying set expenses?

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I know I need Form 1120-H federal form but am not sure which form for State? I was told by H & R Block I needed Schedule C but the President of the Association thinks that is wrong.

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Our Condo association generates income from a $250 fee to process paperwork for refinancing and sales. Will the association owe federal tax on these fees?

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The association is not receiving the HOA fees on these units. How is it that whoever is paying the taxes does not have to pay the HOA fees, and can pretty much stay hidden from anyone inquiring about them? The board needs those fees even if the owner of record is not living there or renting it out.

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I am a member of a Florida HOA. The official HOA financial records include tax returns. I requested copies which were provided under a cover letter saying the returns are confidential

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Where can I find out more about tax exemptions and filing for refunds for Florida Condo Associations?

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Find out how your state regulates HOA/property management

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.

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