HOA and Condominium Tax Preparation — Form 1120-H
Clear 1120-H Guidance for Associations
Accounting & Tax Services of Delray Beach prepares accurate Form 1120-H filings for homeowner and condo associations across Delray Beach, Boca Raton, and West Palm Beach, with practical advice on exempt function income and reserves.
How We Help
Our HOA and Condominium Tax Preparation Service
Choosing 1120-H or 1120
We evaluate whether 1120-H or 1120 provides the better result and handle both when circumstances change year to year.
Classifying Income Correctly
We help distinguish exempt function income from non-exempt items like interest or facility rentals.
Expense Allocation and Records
We align budgets and actuals so expenses are properly allocated for tax purposes.
Reserves and Special Assessments
We advise on treatment of reserves, special assessments, and capital projects to support compliance.
Board and Manager Support
We work smoothly with property managers and boards to keep filings timely and documented.
HOA and Condo Tax Questions
We’re Here With Answers
Do all associations file Form 1120-H?
Most file 1120-H when they meet income tests, while some may benefit from 1120 depending on facts.
What counts as exempt function income?
Member assessments generally qualify, while interest and some rentals are non-exempt.
Can we switch between 1120-H and 1120?
Yes, associations may choose annually based on their situation.
Do you coordinate with our manager?
We work with managers and treasurers to gather records and meet deadlines.
Can you help if we missed last year?
We bring prior filings current and address penalties as needed.