A HOA choses not to use IRS Form 1220-H.
Even if, then the HOA does not file a federal tax return, they are still required to file IRS Form 1120?
Would this make fees, assessments taxable unlike when using Form 1120-H where the fees & assessments would be tax exempt (non-taxable)?
Homeowners associations are required to file federal tax returns and pay federal taxes. You can choose from either Form 1120 or Form 1120-H. It is necessary to file a return even if your HOA does not owe any taxes.
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