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Does a HOA has to file taxes is the income is less than

Customer Question
Does a HOA has...

Does a HOA has to file taxes is the income is less than 100k?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

A lawyer told the president of the HOA that is the profit is less than 100K they don't have to file. Is Non-Profit.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

NO that I known of

Submitted: 1 month ago.Category: Tax
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Answered in 12 minutes by:
3/15/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,684
Experience: Taxes, Immigration, Labor Relations
Verified

WE need to be clear of the type of your HOA organization.

A membership organization formed by a real estate developer to own and maintain common green areas, streets, and sidewalks and to enforce covenants to preserve the appearance of the development may be exempt as a social welfare organization if it is operated for the benefit of all the residents of the community.

To be tax-exempt as a social welfare organization described in Internal Revenue Code (IRC) section 501(c)(4), an organization must not be organized for profit and must be operated exclusively to promote social welfare.

.

A homeowners’ association that is not exempt under section 501(c)(4) and that is a condominium management association, a residential real estate management association, or a timeshare association generally may elect under the provisions of Code section 528 to receive certain tax benefits that, in effect, permit it to exclude its exempt function income from its gross income.

.

Please verify the type of your HOA.

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Tax Professional: Lev, Tax Advisor replied 1 month ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
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