Managing surplus assessments
Q. My understanding of IRS Revenue Ruling 70-604 is that it permits owners to vote to have surplus assessments either returned to owners or applied to the next year’s assessments, in order to avoid taxation on the surplus. Our community association has been applying any excesses over the years to the reserve fund and not the operating fund. Is this legal and does it result in a tax to the association? Read the Q&A…………….
Q: I live in a self-managed condominium building. Recently, I discovered a leak in the roof above my unit, and
A River North bar still blames a condominium association’s construction scaffolds for making its sidewalk café unusable during lucrative summer
Q: We recently bought a condo unit on the top floor of a three-story building. The association provides cable TV