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If the association is not a corporation -- an unincorporated association, for example, your accountant or tax attorney can answer your question specifically.
There is no standard answer to your question, because there is no standard 'homwowners association' tax designation. Each is unique and may or may not be incorporated, and may be incorporated as a profit or a non-profit corporation..
What else can I help you with?
How do you file a homeowners association tax return when there is no form?
Your association is probably a corporation of some kind: non-profit, for example. Your taxes are filed as a corporation, if you are one, under the proper designation for the type of corporation you are. Your association's attorney can help you discover what type you are, in your governing documents, or on file with the local hall of records.
Does a homeowners association need to file income tax returns?
Generally, yes, especially if the association is any kind of corporation.
Can a homeowners association file a lien against you for overdue fines only if assessments and dues are all paid.?
If your assessments and dues were overdue when you paid them and if the homeowners association has the right to assess overdue fines then the answer is yes.
What type of lien should a homeowners association file for overdue fees?
A homeowners' association would file a labor and materials lien entitled Assessment Lien. See the HOA covenants for more information on liens. I would recommend that the HOA retain a real estate attorney to prepare and file the liens.
What states can you file a state return but not federal?
All of them.
Where can you file a free federal tax return?
You can file your federal tax return for free with the IRS. It's the preparation that places charge you for. If you have patience and a calculator, you can do it yourself for free.
Can you file two tax returns for the same year?
You can file one federal return. And you can file one return in each state. If you made a mistake or left something out, you have to file what is called an "amended return."
When do you not have to file Federal Income tax?
No reportable taxable income to be entered on a income tax return would be a good start of not being required to file a federal income tax return.
Can I file a state return only?
Yes, you can file a state tax return without filing a federal tax return if you meet the state's filing requirements.
Can a non-mandatory Florida homeowners association be converted to a mandatory association under Florida ss 720.403 without the parcel owners consent?
A homeowners association cannot be a mandatory association without the consent of 100% of the property owners in the development attempting to establish an association. In addition to the consent of the property owners, the association must follow certain procedures and file the proper documents in order to subject the property to the association's rule.
Do condominiums that have a business checking account without interest have to file taxes?
If the condominium is an association -- a legal entity in your state -- then the association must file at least a federal tax return, regardless of income and expense levels. State and local tax returns may also be required.Interest earned on a business bank account, in the case of a condominium association, would be considered income.
Do you need a tax id for a condo association?
If your association is a legal entity, such as a non-profit corporation, you can apply for a tax ID, and use it to file income taxes. The tax implications are that you file a tax return and may be taxed on profits, if they exceed your expenses by the amount allowed by law. In addition to Federal taxes, you may also be responsible to file a state tax return and pay taxes on profits over a set amount. If you are a legal entity and you do not file tax returns, you are liable for the consequences of disobeying the tax law.
