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I belong to a community that is and over. We have

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I belong to a community...
I belong to a community that is for 55yrs and over. We have a club house and the developer is charges a fee for entertainment events. Some events earn a profit, are we resonsible for paying tax on the balance (profits) or is the developer responsible
Peter XXX
Submitted: 2 years ago.Category: Tax
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5/2/2015
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,242
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi Peter. My name is ***** ***** I will be happy to help you. It depends who is receiving the fees and generating the profit. If it is you, than you will be responsible. If it is the developer, than he is responsible.
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Tax Professional: emc011075, Tax adviser replied 2 years ago
Fees collecting for providing services (including entertainment) and generating profits would be considered Self-employment income and would be reported on Schedule C.
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Tax Professional: emc011075, Tax adviser replied 2 years ago
Let me know if you have any questions.
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Tax Professional: emc011075, Tax adviser replied 2 years ago
I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.
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Customer reply replied 2 years ago
Let me restate my question. we pay dues to an HOA we have a club house which is part of the amenities. our social director collects money for the events that take place in the club house. Some of the events make a profit, Our HOA management company does not collect any fee's for these events, they are run boy the developer the developer does not allow us to review the books so we can see where the extra money is going. And is the profit taxable.
Customer reply replied 2 years ago
is there anyone on line
Tax Professional: emc011075, Tax adviser replied 2 years ago
yes.
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Customer reply replied 2 years ago
can I get a reply to my last statement
Tax Professional: emc011075, Tax adviser replied 2 years ago
Yes, just give a minute.
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Tax Professional: emc011075, Tax adviser replied 2 years ago
Ok. It seems like the developer is the one who is organizing the events and making profit. The developer will be responsible for claiming the profit and paying the tax.
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Customer reply replied 2 years ago
I believe he is not, because he won't let anyone see the books
Customer reply replied 2 years ago
Can i get the IRS involved.
Tax Professional: emc011075, Tax adviser replied 2 years ago
The developer will have to account for his income and expenses associated with this activity. He is not obligated to share his bookkeeping with anybody. He makes money on this activity, he needs to report it. IRS will not get involved to investigate.
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Customer reply replied 2 years ago
Not even to investigate if he is paying taxes
Tax Professional: emc011075, Tax adviser replied 2 years ago
Well, you can report him. But do you know for sure he is not claiming the income? He doesn't share his tax return with you.You can call IRS fraud hotline at(###) ###-#### ***** IRS will not share results of the investigation with anybody. If he is not reporting the income he will get a letter from IRS asking about it.
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Customer reply replied 2 years ago
can we speak at another time
Tax Professional: emc011075, Tax adviser replied 2 years ago
certainly. Just return here and post your question. I will be notified by e-mail and you will be notified when I respond.
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Tax Professional: emc011075, Tax adviser replied 2 years ago
I am here often or if not I am checking in periodically. I am on EST so between 10am and 10p I am usually here.
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