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If your homeowner association has a status of tax-exempt organization - it must file an annual information return. Tax-exempt organizations that have annual gross receipts not normally in excess of $25,000 are not required to file the annual information return.
A homeowners association may elect to take advantage of the certain tax benefits provided by section 528 of the Internal Revenue Code by filing the form 1120H - http://www.irs.gov/pub/irs-pdf/f1120h.pdf U.S. Income Tax Return For Homeowners Associations as it's income tax return.
See instruction - page 2 - for further information on the tax benefits available under the election and for the requirements of the election.