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Form 1120-H for Brownsville Texas: What You Should Know
The reason for getting these exemptions is to lower the amount of taxes you owe by claiming an exemption on these amounts, and it will also reduce your property tax on this property. Also, some states require homeowners Associations (HOA) to file with an IRS form called Form 1120-S? Also, you would want to check if this exemption will be claimed as I know I am not a HOA member, and yet I have never paid any of my Property Taxes. Q: I was wondering if I am required to file a 1120-H form for a HOA if my association is a cooperative? I do have a joint account with a friend (but my association is a corporation). Would HOA's have to file 1120-H for the corporation as well? A: Not yet since the rule regarding HOA's has yet to be finalized. It will be determined sometime in the future as a matter of state and federal law. In the meantime we would suggest that you consult with an attorney to determine if there are any state or federal laws that you may have to comply with or that you may need to change in light of the recent guidance from the IRS. Q I was wondering if the requirement I read on the 1120 form that the owner of a condo/ condominium unit has an owner/beneficiary has yet to be clarified and/or amended? A: You are correct that as of today, there is no clarification of this requirement. The term “beneficiary” was used for clarity as a consequence of the clarification about the owner's interest in a condominium unit for the purpose of determining property qualification and tax liabilities. Q: I heard that when a homeowners' association sells a unit then they have to give the buyer the HOA's tax book or account? I have two questions: 1) how do you do that and 2) what if the buyer just needs to put information into the book/account and forget the tax part? What is the purpose of this account and book that the buyer has to have? A: You are correct that you need to have a tax account maintained for your HOA. You can file a claim for this account on Schedule-E (Form 1120/ 1120-S and also see the FAQ here about what forms to file) in the year you buy the property or in a subsequent calendar year.
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