Tax Form 1120 H - 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. To benefit from specific tax advantages, a homeowners association files this form as its income tax return.
To benefit from specific tax advantages, a homeowners association files this form as its income tax return. 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. These benefits, in effect, allow the association to exclude exempt function income from its gross income.