Legal Question in Real Estate Law in Texas
Homeowners association taxes
Homeowners association
(a) must file an income tax returne only if they have taxable
income.
(b) Must file an income tax return only if they have earned
interest income.
(c)must file income tax returne regrardless of the status of the income.
(d) need not file an income tax return because they are a nonprofit organization
Asked on 2/13/03, 4:14 pm
1 Answer from Attorneys
Arthur Geffen
Arthur H. Geffen, P.C.
Re: Homeowners association taxes
Simply becasue a homeowner's assocation is organized under a state's non profit statutes, does not make it a non profit in the eyes of the IRS unless the appropriate application for exemption has been filed and approval received. Absent this, tax returns for all forms of income are required.
Answered on 2/13/03, 4:24 pm
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