If you are a member or director of an HOA visiting this website you are probably hoping to answer the most common questions we receive from homeowner associations: “Does my HOA need to file a tax return?” The answer to this questions is: YES! All Homeowners Associations must file a tax return each and every year. Save your HOA hundreds of dollars per year. Learn to file form 1120-H!
The vast majority of HOAs can file Form 1120-H. Those who most easily qualify to use form 1120-H are HOA’s that function solely to collect member dues and assessments and use these dues and assessments to manage and maintain HOA property. Many of these HOAs will also earn some interest income each year on savings or certificates of deposits – funds set aside to repair and replace HOA property.
To Take the Course 1120-H Your HOA Must Meet the Following Criteria:
Your HOA’s only income comes from:
Dues and assessments from members who own residential property in your HOA,
Interest on savings set aside for repair and replacement of HOA property (you can still take the course if your HOA has no interest income), and
The amount of interest earned, if any, is small relative to dues and assessments received from members (equal to less than 10% of dues and assessments collected).
All of your HOAs expenses/funds are used to: Manage and maintain HOA Property, Repair and Replace HOA property (such as HOA owned roads)
If this sounds like your HOA, preparing Form 1120-H is relatively simple. So simple, in fact, that we have developed this course to help HOAs like yours prepare your own Form 1120-H.
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All courses and articles are for informational purposes only and do not constitute tax advice. Taxes are complicated - do not act on course information without consulting a professional. Always refer to treasury regulation before making any tax decision. Read the full disclaimer.
Customers Say…
I really appreciate you doing the class. It was quite helpful.
This course package is thorough and will give you a solid handle on how to optimize your business expenses to minimize your taxes and keep appropriate records to handle any IRS challenges. Only want to dive into a particular topic? Jump to that video and scan forward to where your issue is addressed. Or watch the whole series to learn it all!
I found the course informative, and it met my needs. We have a fairly straightforward and non-complex HOA currently with few expenses and only assessments as revenue, so the course was extremely relevant, and I was able to ensure I was filling out the correct tax form and populating the appropriate fields. I have materials now that also explains why we are using the 1120H and the methodology behind it. So overall very pleased with your course materials! I would recommend it to anyone in a similar situation.
I haven’t practiced in the accounting field in quite some time and wanted a refresher. The Overnight Account course 1099-Misc Basics was very helpful! It was simple to follow along and understand each section. I would highly recommend this course! Staff were quick to answer my question as well. I love that I can review the modules again, if needed, at any time. I will definitely be using them again for more classes.
Overnight