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WebHomeowner association or condo associations have the liberty to compare total tax payable by Form 1120 with that payable by Form 1120-H and file the form with a lower … WebHave ALL of the following available when you call: The 4883C or 6330C letter; The Form 1040 -series tax return referenced in the letter ( Forms W-2 and 1099 aren’t tax returns) A prior year tax return, other than the year in the letter, if you filed one (Forms W-2 and 1099 aren’t tax returns) 3e power services ltd WebAn HOA extension is accomplished by filing form 7004 prior to the filing deadline for the return. As long as the extension is timely filed, acceptance is automatic. The extension period is 6 months. But there are a few … WebSince an HOA’s main purpose is not to make money, you will find that most of the income your HOA generates is tax-exempt. That means you do not have much in terms of tax … b0505s-1wr WebNov 3, 2024 · There are two different forms you can fill out as an HOA, 1120 or 1120-H. Form 1120 is a longer form with a more complicated process and can be time consuming and frustrating; however, it has a lower tax rate on the first $50,000 of income. Filing form 1120-H is a much simpler process, but also has a higher tax rate and stricter income ... WebMany believe that they are tax-exempt as a “non-profit” and are not required to file a tax return. Even though I have heard this argument over my career, unfortunately, it is simply not correct. Condominium … b0505s-1wr2 pdf WebMar 4, 2013 · The answer, according to the federal government, is “yes.”. However, you will be relieved to know that you do have options regarding which form you can file. A qualified HOA has two choices: File Form 1120 and pay tax as if it were a C corporation. Elect to file Form 1120-H, U.S. Income Tax Return for Homeowners Associations.

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