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We are a new condo homeowners association. What government…

Customer Question
We are a new...

We are a new condo homeowners association. What government forms are we required to submit?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state the association is in?

Texas

Lawyer's Assistant: Has any paperwork been filed?

We obtained an emplyers tax I d number and a Texas fictisious name registration.

Submitted: 1 year ago.Category: Real Estate Law
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3/21/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 year ago
Legal Eagle
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Customer reply replied 1 year ago
Okay.
I should have said we made a Texas Assumed Name Filing.John Essig
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 year ago

Ok, so generally you should not have to submit any other certificates outside of what is normally required to start a business. For example, if the homeowner's association is going to be a limited liability company, then you would need to file the appropriate paperwork with the state. For more information on that, you can click here. Otherwise, no state agency regulates home or property owners’ associations. The secretary of state’s office does not have the authority to investigate or regulate the internal activities of home or property owners’ associations and TX cannot take any action against an association for failing to comply with its bylaws or governing documents. If the association is on file with the secretary of state's office, they can provide a person that wants the information with the information in their records. Depending on the organizational form of the entity (i.e. LLC, S-corp, etc.), however, the home or property owners’ association may not be required to register with the secretary of state.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 1 year ago

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Customer reply replied 1 year ago
What about the IRS? We're not incorporated.
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 year ago

A homeowners association elects to take advantage of the tax benefits provided by section 528 by filing a properly completed Form 1120-H. The election is made separately for each tax year and generally must be made by the due date, including extensions, of the income tax return.

This extension does not extend the time to pay the tax.

Once Form 1120-H is filed, the association cannot revoke its election for that year unless the IRS consents. The association may request IRS consent by filing a ruling request. A user fee must be paid with all ruling requests. For more information on ruling requests, see Rev. Proc. 2016-1, 2016-1 I.R.B. 1.

If the association does not elect to use Form 1120-H, it must file the applicable income tax return, for example, Form 1120, U.S. Corporation Income Tax Return.

A homeowners association should compare its total tax computed on Form 1120-H with its total tax computed on Form 1120. The association may file the form that results in the lowest tax.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 1 year ago
Let me know if you have any additional questions, thanks for using Just Answer!Also, it’s the worst part of my job to ask, but would you be able to provide me with your opinion of my service? It helps both me and Just Answer get better on figuring out how to serve you. Remember, follow up questions in this thread are free
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