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Claim Your Homeowner’s Tax Benefits with the 1120 H

Do you belong to a Homeowner’s Association? If so, make yourself familiar with Form 1120 H!

In the last of the 1120 posts, PDFfiller takes a closer look at the 1120 H used for tax reporting by homeowner associations.

What is form IRS 1120-H? 

Form IRS 1120 H is a U.S. income tax return for the homeowners association. The homeowner association files the form to enjoy certain tax benefits. It allows the homeowner association to exempt the function income from its gross income.

Who must file IRS 1120 H form? 
There are three types of homeowners associations; a condominium management association, a timeshare association, or a residential real estate management association.  The homeowner association has to file this form to have advantage provided in section 528. A homeowners association should compare its total tax computed on Form 1120-H with its total tax computed on Form 1120. The association may file the form that results in the lowest tax.

What other forms are needed when you file IRS 1120-H form?
Attach Form 4136, Credit for Federal Tax Paid on Fuels, along with your 1120 H form.

When is IRS 1120-H due?
The association has to file the 1120 H form by the 15th day of 3rd month after the end of its tax year. If it’s a Saturday or Sunday or a legal holiday than it can be filed on the next business day.

What information do you need in order to complete this form?
In form 1120H, you need to provide an associations name, address and EIN. Notify about the type of association by checking the suitable box. Give details of gross income, deduction and tax and payments.

For more information about filling Form 1120 H, check out the following video:

Where do you file IRS 1120-H?
Form 1120 H has to be filed with an IRS Service Center depending on the state in which you reside. For more information on where to file, check out the IRS instruction form here.