Today’s homeowner is savvy and aware of the tax implications of homeownership. Deductions for mortgage interest and real estate taxes are common topics of conversation, however, taxes paid by the HOA are often left out of the discussion. It is easy to assume that HOAs are tax exempt, but the IRS disagrees. The HOA could be subject to tax on income from vending machines, laundry machines, clubhouse rentals, easement proceeds, roof rent, etc. This is true, even if the HOA is registered as a nonprofit corporation. Read the entire article……………………………….
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