Tax Form For Condominium Associations
Description
How to fill out Notice Of Lien To A Condominium Unit Owner For Unpaid Assessment Fees?
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FAQ
Form 1120 is used by C corporations while 1120-H is a tax form specifically designed for qualifying HOAs. What makes HOAs unique is the ability to file two different tax returns and the ability to change those forms each year. For that tax year the rules of each of the respective forms will govern the tax criteria.
An association that files Form 1120 must file a Florida return using Form F-1120. Believe it or not, most CPAs have little experience filing HOA or condo association tax returns. Late filing penalties can be onerous.
A homeowners association files this form as its income tax return to take advantage of certain tax benefits. These benefits, in effect, allow the association to exclude exempt function income from its gross income.
A common misconception for some HOA and condominium associations is that since they are ?not for profit? corporations, they have no need to file any tax return. However, that is not the case. All corporations have to file state and federal tax returns even if they are ?not for profit?.