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1120-h instructions Form: What You Should Know
The benefits of using this form include: 1. Tax advantages: 1) A homeowners' association is automatically given the special status of a nonprofit corporation (in some states). The Homeowners' Associations Institute, an organization of tax professionals specializing in real estate, offers these tax benefits: 2) Income tax exemption from state and local income taxes, with limited application to federal income taxes. 3) Income tax deduction for charitable contributions and contributions for public purposes (including the construction of private homes). 4) A homeowners' association pays very, very little in state and local income taxes. 5) The owners of an association property are responsible for all state and local income taxes. 6) Property taxes paid by members of the association (or for home building to be undertaken by the association or a subdivision). 7) A homeowners' association can impose a property tax that, for purposes of this income tax return, is reduced (or eliminated) by tax paid on the association's total annual real estate rental income.
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