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Nampa Idaho Form 1120-ND: What You Should Know

It is important to understand the requirements for a return filing on an HOA, how to file a timely return, and how much the tax can actually cost and how the return can be affected by any applicable federal, state, or other income taxes. This information should be reviewed prior to filing your return and should be the first thing reviewed whenever a problem arises with your return. Has (Homeowners Associations) are a form of partnership (similar to a limited liability company) between homeowners and their association board and manage their own assets by governing the use, use, repair/renovation of property. As such, they are subject to most business taxes that individual taxpayer are not. The rules and laws are the same, no matter which form you are filing. An Individual HOA is a business entity under Idaho statute, which means that for tax purposes, it is considered a legal entity separate and distinct from its owner (i.e. the association). A Homeowners' Association (HOA) is also a legally separate entity, separate and distinct from its owners (i.e. the members). This separate entity is required to file a Form 1120-1 for any type of federal, state, or local income tax liability that is due. A HOA is required to file Form 1120-W to cover the fees due, due date, filing fee and return requirements to report any net profit. Generally, the association only files one return for a specific tax liability. The return is filed either with the Board of Directors and/or members or in lieu of the filing of annual taxes. The filing of this return is done for the year in which the tax liability is accrued. For example, if you receive a bill in August for a 10,000 tax liability, the HOA could use Form 1120-W and file in June. If you received the assessment in August, the HOA would use the form and file it between August and November to cover the taxes associated with the year that was actually due. Homeowners association (HOA) returns are required to report taxes that are payable on Schedule C of Form 2106. HOA returns are tax-exempt but must comply with certain reporting requirements that apply to all taxpayers. Your return must describe how all income from sources other than real estate are used to pay the association's tax liability. The amount you must report can change from year to year depending on whether the amount of the liability exceeds the amount of your contribution from the real estate.

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