Taxes

Started by KellyG • 4 replies • 2131 views

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KellyG (Louisiana)
Posts: 2

Posted:

We are a small new homeowner's association. We incorporated in 2005, but have not collected any dues yet. We do not have any money at all. We plan to start collecting later this year. Do I need to file a tax return for 2005, even if everything on the form will be zero?

Thanks.

Kelly
New Orleans, LA

AudreyB (Florida)
Posts: 104

Posted:

Kelly,

I would suggest contacting the IRS or a seasoned CPA who knows about HOA's, that could best answer your question.

My guess is, and I could be wrong, before your HOA even files with or without the collections of dues, your HOA will have to first file a form for new tax ID number so whenever your HOA does file their taxes, at least your HOA will have an ID number to file their taxes under.

Please let me know what the answer is.

Take Care,
Audrey

KellyG (Louisiana)
Posts: 2

Posted:

When we incorporated, we got a Tax ID number. I will have to check, but I believe that this is our Tax ID number, we shouldn't need to get another one.

Kelly

AudreyB (Florida)
Posts: 104

Posted:

Hi Kelly,

If you already have a tax ID number, then there is nothing more for you to do, but to contact the IRS or a CPA concerning your question about filing.

Take care,
Audrey

BrianB (California)
Posts: 2,820

Posted:

it's not a bad idea to file anyway, since it's likely that you only have one page of forms, and no revenue to claim. takes about ten minutes.

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