Question for VA Associations

Started by TimB4 • 2 replies • 1185 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

TimB4 (Tennessee)
Posts: 21,059

Posted:

New for 2012, Associations in VA are required to e-file State forms and use ACH payments for any tax due and/or estimated taxes. Waivers to this requirement may be applied for.

My question to VA Associations is

How are you filing 2012 VA taxes -
1) e-file with approved program yourself
2) have an accountant or tax firm filing for you
3) or were granted a waiver and filing paper copies

We were granted a waiver so are filing paper copies.
I'm just curious how others are handling it.

Tim

RayC4 (Virginia)
Posts: 173

Posted:

Tim, thanks, I was not aware of this. However, we are still under Declarant Control and we have no clue as to how 'the HOA' is handling.

I don't get out much. What taxes are you actually liable for in your HOA? Isn't the HOA a non-profit, non-stock corp? Do you have common space? And, if so, do you pay taxes on that land?

TimB4 (Tennessee)
Posts: 21,059

Posted:

Ray,

If taxes are filed using form 1120-H, any income that is an assessment is not taxed. Typically this means that the only income that is taxable is from interest or dividends earned on savings/investments. However, if your Association charges to rent out the pool/clubhouse this income would also be taxable.

However, if the Association doesn't qualify for 1120-H, then you will have more taxable income. Here is a link to the thread that has the instructions for 1120-H:
Subject: 1120-H links

In VA, the common area is typically exempt from property taxes.

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here