|Re: HOA taxes||<– Date –> <– Thread –>|
|From: Sharon Villines (sharonsharonvillines.com)|
|Date: Mon, 8 Feb 2010 08:47:07 -0800 (PST)|
On Feb 8, 2010, at 10:22 AM, Diana E Carroll wrote:
in order to be legally allowed to file that form, at least 90% of anassociation's expenses must be "to acquire, build, manage, maintain, orcare for its property"
But the reason for being concerned about the 90% is to obtain tax exemption by filling out the 1120 or the 1120H.
i think it is helpful to know what other communities are doing, and why. My concern is the questions are sometimes asked making distinctions that redefine what cohousing is and what is essential to a cohousing community.
Defining the expenses as cohousing and these not, I think, is insidious and needs to be defended against. Even though we say these are just words, all the brain research shows that nothing is "just words." Language forms our thinking. Todays idle words become tomorrows reality. Political campaign managers thrive on idle words.
A focus on expenses from the IRS point of view can hijack the process of funding a community. Even cohousing has conservative thinkers who use the IRS as their standard for justifying not spending money on things they consider to be frivolous -- those that don't fall within the 90%.
Sharon ---- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org
- Re: HOA taxes Fred H Olson, February 8 2010
- Re: HOA taxes David L. Mandel, February 9 2010
Results generated by Tiger Technologies Web hosting using MHonArc.