First Tax Return for HOA Not Yet Functioning

Started by FredS12 • 4 replies • 840 views

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FredS12 (Arizona)
Posts: 2

Posted:

We are developers who formed a new HOA in 2016. It is a Residential Real Estate Management Association. There has been no activity in the HOA yet, meaning not 1 dollar nor 1 transaction has flowed through the HOA. The small subdivision is still being run and paid for by the developer. The HOA is just set up, has a tax ID number and is waiting for completion of the project. I imagine that since the HOA is set up, it has to file a tax return. But with no transactions of any kind, can we just file a form 1120-H with all zeros in it? Is it that simple?

TimB4 (Tennessee)
Posts: 21,059

Posted:

yep that simple.

You may want to include a brief explination that the Association will not be receiving assessments until mm/dd/yyyy

MarkM31 (Washington)
Posts: 494

Posted:

A developer without a CPA to ask this question of?

Watch out below!

FredS12 (Arizona)
Posts: 2

Posted:

Thanks you!

MarkM31 (Washington)
Posts: 494

Posted:

You're welcome

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