Question:
Does NJ require a condo association (7 units) to file a NJ income tax return for any interest earned on checking and reserve accounts? If so, what is the NJ form number? Thank you!
– Anthony
Answer:
Hi Anthony,
The state of New Jersey seems to require the filing of a state tax return. Moreover, if the condo association is incorporated, New Jersey may also require the electronic filing of Corporation Business Tax returns (CBT-100, CBT-100S, CBT-100U) for condo associations. However, whether the association needs to file income tax returns on interest earned on checking and reserve accounts may depend. It’s best to consult your management company, accountant, or association attorney for clarification and compliance.
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