1120 H Form - These rates are applicable to ordinary income as well as capital gains. Income tax return for homeowners associations as its income tax return, in order to take advantage of certain tax benefits. These benefits, in effect, allow the association to exclude exempt function income (defined later) from its gross income. To benefit from specific tax advantages, a homeowners association files this form as its income tax return. This rate applies to condo associations and residential real estate associations. The tax rate for timeshare associations is a flat 32%. These benefits, in effect, allow the association to exclude exempt function income from its gross income.
To benefit from specific tax advantages, a homeowners association files this form as its income tax return. This rate applies to condo associations and residential real estate associations. These rates are applicable to ordinary income as well as capital gains. These benefits, in effect, allow the association to exclude exempt function income (defined later) from its gross income. Income tax return for homeowners associations as its income tax return, in order to take advantage of certain tax benefits. These benefits, in effect, allow the association to exclude exempt function income from its gross income. The tax rate for timeshare associations is a flat 32%.