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Jacksonville Florida Form 1120-H: What You Should Know

There are tax consequences of an HOA filing tax returns under various exemptions and limitations. Taxpayers are advised to review their actual tax return and determine their tax liability for the year. 4. A Florida resident can claim exemption from tax by establishing that the organization qualifies as an exempt organization (see Treas. Reg. § 1.528-9(e)). Individuals may elect to file an itemized deduction claim and itemize deductions, but have no tax liability for items that do not add to federal income tax liability. A Florida resident does not have to itemize deductions to claim this exemption if she or he is age 55 or older on the earliest of the December 31 of the year that the tax year ends or the close of the individual's taxable year. Individuals under 55 may still file an itemized deduction claim if they are age 55 or older at the close of their taxable year. 5. The tax liability due on the HOA return filed using Form 1120-H is not deductible as a loss against other income or deductions. For example: • A real estate rental corporation that files a Florida tax return on Form 810 may not treat the Florida tax as deductible against income to the extent that the income from that return does not exceed its federal tax liability. • An HOA electing to file Form 1120-H as an independent and not-for-profit organization can use the federal tax deduction, but may not use a state tax deduction. • An association electing not to file a Florida return on Form 1120 may claim a tax credit toward future state income tax for its failure to file a federal return on time. • For 2018, federal tax liability is computed on a calendar year basis, even if the HOA elects to file a Florida tax return using a year-end date on Form 1120-H. That results in a Florida tax liability due on March 31 following the end of the tax year. 6. For 2024 and 2018, the HOA tax is assessed on the portion of the HOA budget allocated to the tax liability. Unless the HOA has not allocated any portion of its budget to the tax liability, its tax liability is assessed on the tax year's actual receipts (including payments on HOA loans).

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