Condo HOA's Tax Return

Steven asks…



Does a condo association have to file a tax return?
I live in a 6 unit condo block. We are self-managing and we charge a HOA fee. Do we have to do a tax return for the Condo Assoc income?
If so, what is deductible?








Anne answers:
You should file form 1120-H, which can be found at http://www.irs.gov/pub/irs-pdf/f1120h.pdf
The instructions should tell you all you need to know.

If the only income the association receives is the HOA fee, then it should not owe any tax, but you must still file the form.







Mary asks…



What is

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