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Form 1120-H Illinois Cook: What You Should Know

Form 1120-F (SCH H), Deduction Allocated to Effectively Connected Income. This form must be filed to claim the deduction provided by section 162(m) of the Code. The Form 1120-F (Section B) must be filed prior to filing Form 1120-A (Section K). A nonresident alien resident of foreign countries may file Form 1120-F (Section B) and File Form 1120-A (Section K) either together. (Filing Form 1120-F and Form 1120-K together does not have a filing obligation under Code section 1.162 (m) unless it is necessary for you to comply with your foreign country's tax laws.) If your home is located in Indiana, the Form 1120-F (Section B) should be filed prior to filing Form 1120-A (Section K) to meet this requirement. Your Section 1065, for U.S. residents, and your Section 1066, for nonresident aliens, must both be included on the Form 1120-F to claim the deduction. Form 1120-F (SCH H), Deductions Allocated to Effectively Connected Income. This form can be filed by the association either with the Section D Deduction or as an Itemized D Deduction. The items included in the Section D Deduction must be itemized. The items can be any of the following items: Home mortgage interest (section 822 deduction) Medical expenses Other taxes paid (section 822 deduction) Interest paid on the association's interest-reduction line of credit A Section D Deduction must be filed on the Form 1065. All other items can be included on this form. The filing fee is 40. For any other reason your Homeowners Association's Section D Deduction cannot be filed on Form 1065. For example, you will have to file it on Form 1120-F (Section B). If you want to claim this deduction on Form 1066, you must file Form 1066, Deductions Allocated to Effectively Connected Income. (Filing Form 1066, Deductions Allocated to Effectively Connected Income, has no filing obligation under Code section 1.162 (m)) Your Homeowners Association may have other questions about Form 1120-F (Section B) , but you do not need to file a return with the Section B Form.

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