My wife and I own one of two units in a newly converted condo (it used to be a large one-family house). It’s been a little over a year since we moved in, so we need to fill out Massachusetts and Federal tax forms for the first financial year of the newly formed condo association. Any suggestions on resources, how-to guides, or contacts that can help me out? I’m really starting from nothing here–but the condo association’s assets are way to low to justify hiring a professional accountant.
As I recall, it’s a pretty short and simple form in which you just clarify that the association didn’t have a bunch of outside income, nor conduct any big unrelated businesses. Surely you know the association’s total income from assessments and income, and the expenses and contributions to reserve.
Out of curiosity, do all unit owners have to file Condo Association taxes?
I thought the Condo Association would be a separate corporation, where someone from the corporation would have to file taxes.
Only the homeowners association has to file Form 1120-H.