Does my homeowner's association need to file taxes? If so, what taxes, and how do we file? We have never filed before and I think it has been an HOA since the late 1980s. There are 4 units in the building, each unit approximately $550K in value.
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The fees that you pay to the association are not considered to be income, but any interest that you earn is taxable. If the association is properly managed and has been around since the late 80's, you should have a sizable reserve fund built up by now and interest on that account could be significant
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