Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Our HOA has not been filing taxes. Mixed use building where…

Our HOA has not...

Our HOA has not been filing taxes. Mixed use building where city owns first and second floors and does not pay taxes. HOA needs tax exempt status and file back taxes. How do we get Tax Exempt Status for HOA?

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

California

Accountant's Assistant: Has anything been filed or reported?

2004 - request for tax exempt status and denied. 2004, 2005 and 2006 before city owned building filed as corporation with tax loss for the years. Not sure how that happened with the HOA. We don't have income other than dues.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

HOA has no employees, only income is interest on reserve account of $247 in 2017.

Show More
Show Less
Ask Your Own Tax Question
Answered in 10 hours by:
3/9/2018
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,026
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified

Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

Ask Your Own Tax Question

A HOA does not usually receive tax-exempt status. They can request to be tax exempt under Internal Revenue Code §501(c)(4), but that is expensive and takes a long time.

What usually happens is that a HOA can elect to be treated in a special way where it does not pay tax on it's income, if it meets certain tests. It files a Form 1120-H, and if the tests are met (the income has to be more than 60% from the members' dues, and the association must spend 90% of its funds on the membership/association. If it meets this rule, then any non-member income (from renting out a meeting hall, for example) is taxed at a flat 30% rate.

So most associations that are truly operated for their members will file a Form 1120-H, and pay little or no tax.

I hope this has answered your question. IF you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,026
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified
taxmanrog and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Where can I get the 1120-H forms for years 2007 thru 2017. We are in California. Does the state have a similar 1120-H form for us to file?
This really helps. I will run it through our board and get our taxes filed. I have all the records of income and what was spent for each of the years.
Thank you
You can actually go to the IRS website. If you search for The Forum, you can get prior your forms as well. You just download them.
Ask Your Own Tax Question
Customer reply replied 1 month ago
Perfect. Thank you
No problem. If you have any more questions, feel free to ask.
Ask Your Own Tax Question
Was this answer helpful?
Ask taxmanrog Your Own Question
taxmanrog
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,026
1,026 Satisfied Customers
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

taxmanrog is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I need to file a tax form. Its a new LLC with no income, no
I need to file a tax form. Its a new LLC with no income, no business was generated. Is someone avaiable to help me with this now?… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
Looking for estimated tax rate for 500,000 income in 2017.
looking for estimated tax rate for 500,000 income in 2017 … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
What form Tennessee tax form would a California resident use
What form Tennessee tax form would a California resident use to report to Tennessee taxing authorities the income and expense relating to the rental of a single family residence located in Tennessee?… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
Is savings bond interest tax exempt if the bond has not been
is savings bond interest tax exempt if the bond has not been cashed in … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Filing a NR Canadian income on a US Federal 1040. Which form
Filing a NR Canadian income on a US Federal 1040. Which form is used to report this foreign income? only Box 16 reports income with numeral code 46 in box 14 and in box 15 is CAD. … read more
Mike-USACPA
Mike-USACPA
President
63 satisfied customers
My brother needs to file Form 100 for his California
My brother needs to file Form 100 for his California Corporation. What form does he need to file an extension for that tax return?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
I am a State resident but with an interest % in a California
I am a Washington State resident but with an interest % in a California S Corp. I forgot to include this California K1 on my tax return in 2014 & 2015, so I just received a letter from CA saying they … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
45 satisfied customers
I have an IRS tax law question regarding forms need to file
I have an IRS tax law question regarding forms need to file an extension on filing a form 1041. Need a tax professional from California to respond. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Received Canadian Form NR4, Income Code 02, and exemption
Received Canadian Form NR4, Income Code 02, and exemption code S. How is this reported on form 1040 … read more
Dr. Arthur Rubin
Dr. Arthur Rubin
Doctoral Degree
172 satisfied customers
2017 Interest Income on a 1099- that is box 8 tax exempt
2017 Interest Income on a 1099-B that is box 8 tax exempt Interest. if the interest came from NYS or NYC bonds are they Federal and NYS tax exempt.?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I filed exempt on fed taxs for 4 months no taxs was held out
I filed exempt on fed taxs for 4 months no taxs was held out now Employer keeps holding out fed taxs on me. Filed another 1040 exempt still holding taxes. What can I do … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
In Georgia State Income tax exempts pensions from tax up to
In Georgia State Income tax exempts pensions from tax up to $65,000 but it does not double it for married couples filing jointly. Our (my) pension income is $125,000 and we pay GA tax on $60,000. Can … read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
I have a form 1099-INT that lists tax exempt interest on
I have a form 1099-INT that lists tax exempt interest on line 8 and bond premium on tax exempt bonds on line 13. Is the line 8 amount already "adjusted" for the line 13 amount, or is the interest I sh… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
IRS says for State and local taxes on 1099 misc income given
Second opinion] IRS says for State and local taxes on 1099 misc income given to contractor. If the sales taaxes are imposed on you as a buyer and collected from you by the service provider, do not rep… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
824 satisfied customers
IRS says for State and local taxes on 1099 misc income given
IRS says for State and local taxes on 1099 misc income given to contractor. If the sales taaxes are imposed on you as a buyer and collected from you by the service provider, do not report the sales ta… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
California State Tax We moved to California from August 2016
California State TaxWe moved to California from August 2016 till March 2017. Are we liable for California State Taxes during this time? We have an online business, in which all sales are from Thailand… read more
Carter McBride
Carter McBride
LLM
957 satisfied customers
Looking for tax law advise, California, I owe State and
I owe State and Federal Taxes for 2015 & 2016 and have worked out a monthly payment plan with the State but Federal is asking for a $6,100 lump sum by 1/28/18 before working out a monthly payment plan. If I cannot come up with the lump sum they will file a Notice of Federal Tax Lien that will be reported to the credit agencies. Is there any way to negotiate this? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x