"Gross rents" on Form 1120-H

Started by JF7 • 3 replies • 1085 views

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JF7 (Tennessee)
Posts: 2

Posted:

Does the phrase "gross rents" on Form 1120-H include a payment that our HOA received from a utility for its purchase of an easement in the HOA's common area / open space?

RichardP13 (California)
Posts: 3,868

Posted:

Gross rents would be from the rental of the clubhouse or pool.

JF7 (Tennessee)
Posts: 2

Posted:

Sorry if I wasn't clear. I'm trying to figure out if a payment that our HOA received from a utility for its purchase of an easement in the HOA's common area / open space would also be considered "gross rents" for purposes of Form 1120-H. It's money that the HOA took in arising out of a real estate transaction. "Gross rents" is about the closest line that I can find as far as reporting income on the Form. But I cannot even find a definition of "gross rents" on-line or in the Federal Tax Code. Does anyone have any insight?

RichardP13 (California)
Posts: 3,868

Posted:

I know how it would affect an HOA in California, but not in Tennessee. I would check with your accountant or a CPA in your state.

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