Chicago-area condo associations see wisdom in HOME Act
Here’s another reason to stay current on assessment payments to your community association: You might get a tax break. Recent proposed legislation would allow homeowners who earn $115,000 or less in annual income (or $150,000 on joint returns) to deduct up to $5,000 of association assessments on their federal tax returns. The Helping Our Middle-Income Earners (HOME) Act, H.R. 4696, was introduced by Reps. Anna G. Eshoo and Mike Thompson, both D-Calif. Read the article………….