Hoa

[S T]

I have a small Condo Association (HOA) that filed an extension for 2007 on 1120-H, but never filed the return.

And for 2008 did not file an extension.

Since the 2007 was not timely filed and no extension was filed for 2008 electing 1120-H, do I file the 2007 and 2008 returns on Form 1120?

Thanks,

Sandy

[JG EA]

I've had very limited Home Owners Association association, but here is what it says in the 1120 H instructions page 4.

In addition to losing the right to elect to file Form 1120-H, a homeowners association that does not file its tax return by the due date,.....

[erchess]

1120-h

Where do you get software for Form 11120-H?

[S T]

1120h

Thanks JG, that is what I read as well, just wanted some confirmation

I have always filed using 1120H form, with or without extension, but within the dues dates, so new for me with this scenario.

Erchess, my tax software will produce 1120H.

Sandy

[Lion]

Two Years

Sandy, I had one HOA who got behind when the treasurer changed. They brought me two years at once with no extensions. I filed both on Form 1120-H and warned them they might hear from the IRS. That was a couple of years ago, and no letter yet. In addition, in CT there's a $50 late fee. I told them to send $50 with their older return, but CT sent it back saying since $0 tax was due the late fee did not apply! I had another late HOA about the same time, so tried Form 1120-H for them also. Apparently all were accepted as is, but there may be time left on the SOL. All of mine were very, very small and would've had no income tax liability on Form 1120 either. Good luck with whatever you choose. And, it is a year-to-year election, so they can go back to Form 1120-H next year if they're on time.

Erchess, look in your software for Form 1120 to see if there's a box to check for 1120-H.

[S T]

1120-h

Thanks Lion,
I think I will check it both ways to see - Very small HOA and if any tax liability it is only due to some interest income.

Sandy