Does anyone have a source with your answer?
2007-09-12 15:44:48 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I have attached a link to IRS form 1120-H with the instructions for the form. And since the instructions mention about paying "tax" the answer is maybe. Depends on the legal status of the association. Some can be tax exempt, some aren't. I've also attached a wikipedia article about homeowners associations.
2007-09-12 15:52:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Some are, some aren't, and it also depends on what you mean by tax-exempt. But if your question is can you deduct homeowners association dues/payments from your tax return, no you can't whether they have tax-exempt status or not - that would only say whether THEY pay taxes, not whether you can deduct payments to them.
2007-09-13 18:44:02 · answer #2 · answered by Judy 7 · 0⤊ 0⤋