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Video instructions and help with filling out and completing Form 1120-H vs. Form 1120-pol

Instructions and Help about Form 1120-H vs. Form 1120-pol

Okay for this video i want to go over a very simple tutorial on how to complete an 1120h tax return for a homeowners association so homeowners association is very prevalent in the u.s i think the last count there's maybe close to 400 000 of them but homeowners associations they're organized as corporate entities under state law and they're still required to file a tax return even though in a lot of cases they might not actually owe any tax so in this example i want to go over a very simple 1120h i've got a couple pieces to work with here so we've got obviously the return itself and then i've got a workbook here in excel for the homeowners associations financial statements for the year right so the revenues and expenses and then i've got a slide with some background information here and then the fact pattern that we're going to be working with so let's start with this and then we'll move on to the workbook and the return so okay so homeowners tax returns again homeowner associations are required to file a tax return but they've got a couple options okay so the homeowners association can file one of three returns basically so the first one is just a regular corporate tax return so form 1120 we're all familiar with that that's just a regular u.s corporate income tax return for a domestic corporation you report all the income and expenses and pay corporate income taxes on a net basis okay so right now the net tax rate in the us is 21 for corporations the form 1120h is the other option which we're going to be going through this is a specific form 1120 variant for homeowners associations right so form 1120 has a...

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