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Form 1120-H Corona California: What You Should Know

This tool can help you prepare forms, such as Form 1120-H for Homeowner's Associations from a Mac, Windows or Linux computer. You will find additional information in the Frequently Asked Questions (FAQ) section of this page. Form 1120-H — Important Form Information Form 1120-H (which you should complete only if you want Form 990 or Form 990-T) is a joint return required by the IRS. If you file a separate return for each unit that you own, all the associations you own separately will be considered a single association for the purpose of claiming benefits under this tax law. To use the Form 1120-H, you will need to determine the units that are owned and how much ownership each unit is entitled to. Generally, you should check and fill out all pages for your association, even if you have just a few units (see the table of contents), since each page will need to be checked and entered for each unit. To help avoid mistakes and delays, complete Forms 1120-0 (and 1120-B) with a printer and notepad, and mail the returns and attachments to the address listed along with each return. Your returns will be mailed to you within a few weeks. File only once when you file a form 1120-H, even if you complete Forms 1120-0 (and 1120-B) for several units and each unit's return is a separate return. You will need to estimate the fair market value of each unit, since you will need to determine the tax-exempt amount that you are entitled to exclude from gross income. If you are relying on a section 936 deduction on which you do not claim the section 936 deduction limit (see the discussion of this issue later in the manual), you should only file Form1120-H if you know the value of your units. Use Form 1120-H in some cases where it helps to reduce the complexity of your return or to simplify the reporting. For example, it may help to divide the number of units you own into many smaller units, calculate the fair market value of each unit and report the value on one Form 1120-H; you do not have to report separate 1120-H forms each time. Use Form 1120-H for any state-specific information, such as if you are dealing with state income taxes on your home.

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