0
While condominium associations do play a similar role to nonprofit organizations in certain ways, they are generally not tax exempt in the same way that charities or religious organizations might be. It's essential to note that an association typically still has to file a tax return and may owe taxes on its income.
Specifically, income that a condo association earns from condo owners, such as dues or special assessments, is usually exempt from taxation. However, income generated from activities outside of its regular functioning, such as leasing out spaces to non-owners, could potentially be subject to taxation.
This general advice is based off my experience at Daisy Property Management but your specific situation could be different. Always consult with a tax advisor or CPA to make sure you're fulfilling all necessary tax obligations for your association.
Kelvine Ferrer (Kell...
Wiki User
∙ 14y agoYour association is probably some kind of corporation, such as a non-profit corporation.
All corporations are required to file tax returns.
Add your answer:
Earn +20 pts
Not tax exempt do i tax this?
Not tax exempt would mean that it is subject to taxes. Yes you would tax any thing that is not exempt from taxes in your business operation.
Is insulation tax exempt?
NO. Insulation material is not exempt from income tax.
Is a LC small business tax exempt?
LC business be TAX EXEMPT NO NOT POSSIBLE FOR ANY TYPE OF LC BUSINESS TO BE TAX EXEMPT.
When were tax-exempt MMMFs created?
Tax-exempt MMMFs debuted in 1979
Are computers tax exempt under the Virginia tax holiday?
No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!
Tax exempt income and expense statements how are they prepared for homeowners associations?
Your association accountant can help you discover this format.
Is insulation tax exempt?
NO. Insulation material is not exempt from income tax.
Not tax exempt do i tax this?
Not tax exempt would mean that it is subject to taxes. Yes you would tax any thing that is not exempt from taxes in your business operation.
Is a LC small business tax exempt?
LC business be TAX EXEMPT NO NOT POSSIBLE FOR ANY TYPE OF LC BUSINESS TO BE TAX EXEMPT.
When were tax-exempt MMMFs created?
Tax-exempt MMMFs debuted in 1979
Are computers tax exempt under the Virginia tax holiday?
No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!
What are the IRS Tax exempt codes?
IRS tax exempt codes are codes that are given to businesses that are tax exempt. These businesses include non-profit organizations.
How do you exempt tax refunds?
Exempt them from tax? Federal refunds were paid with after tax $ and aren't taxable..but they are reported. State ones are, as you got a deduction for them when paid. There is no option to exempt them.
When are municipal bonds exempt from taxes?
Municipal Bonds are bonds that are tax exempt from many tax offices. Municipal Bonds are exempt from tax when they are accepted by the local tax office depending on the law of the state.
What is meant with tax exempt form in finances?
Sales tax exempt forms are for individuals or companies that are exempt from sales tax. This could be if you run a charitable, educational or other organizations.
Is US withholding a Tax-Exempt Income?
It is neither, tax exempt OR income. Qualifies as a foolish question
How many digits in a tax exempt number?
The Tax Exempt number contains 11 Digits Altogether
