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Form 1120-H online PA: What You Should Know

Both Forms 1120B (residential condominium association return) and Form 1120H (residential cooperatives return) are required. Form 1120J is required for condominium associations. However, it is a good idea to file a tax return with both forms. Some states have very simple rules about what does and does not qualify as an HOA. You will want to check your state's tax laws. When is an HOA Tax return due? When is an HOA tax return due? The HOA tax return is due on April 15 for year-end distributions from an HOA. The tax return also must be filed if a year-end distribution would be made from an HOA even though it was due on April 15 of the tax year. The reason for this is that the HOA does not provide information regarding taxable distributions to the public. Which HOA Tax Return(s) must an association file? Must an HOA file 1120-H? The association only has to file Form 1120-H if: it sells, assigns, or has the right to sell one or more residential real property in Pennsylvania, its home or the home of its president or its officer, or it purchases, or has the right to purchase, one or more home buildings in Pennsylvania, a home or the home of its president or its officer, or it purchases a residential condominium in Pennsylvania, its home or the home of its president or its officer, and any distribution from that residential condominium is for income tax purposes. Can an HOA that is not a condominium association file a Form 1120? No. The HOA must file a separate form for each type of property it owns. All of these forms must be filed with the IRS. Can an HOA use Form 890 for its business expenses or Form 990 for other expenses? No. Form 890 forms that are sent to an HOA are only used for tax reporting. It is not used in any other way. Form 990 forms filed with an HOA will only be reported on a Schedule C.

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