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1120-h 2024 Form: What You Should Know

Some tax benefits conferred are: Section 529 tax credit — homeowners with HOA income are eligible for a Section 529 savings plan. The credit is equal to the amount of interest that is includible in the home's adjusted basis. Section 529 tax reduction and tax-exempt interest — an HOA may exclude from its income interest paid on money invested in a Section 529 plan during a year. The exclusion amount is equal to the greatest of the interest expense deduction or the total income tax benefit that would have been accruing to the HOA for that year if the investment were not includible in HOA income. Section 861 deduction — an HOA can qualify for an income exclusion for depreciation incurred (on the HOA's basis) in improvements used in a trade or business carried on by the HOA for more than one year. Section 831 tax deduction — an HOA may also qualify for an income exclusion for qualified real estate held for investment purposes.

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