Re: Question re: HOA taxes
From: Jerome Garciano (jlgebox-04yahoo.com)
Date: Fri, 10 Jun 2011 10:17:15 -0700 (PDT)
I referenced a tax article in a Cohousing-L posting in Feb 2010 that covered
this topic.  If you can't find it, contact me at the info below and I can
send it to you.


*Jerome L. Garciano, Esq.*
Edwards Angell Palmer & Dodge LLP
111 Huntington Avenue
Boston, MA 02199
Direct Dial: 617.239.0285
Direct Fax: 888.325.9042
Main Dial: 617.239.0100
Email: jgarciano [at] eapdlaw.com

www.eapdlaw.com

On Fri, Jun 10, 2011 at 12:22 PM, Zita Xavier <zitaxavieris [at] 
gmail.com>wrote:

>
> Hi Everyone,
> At Heartwood Cohousing, a private group within our community has developed
> Heartwood Farms. In consideration now is whether or not to officially
> incorporate Heartwood Farms under our HOA structure. One concern is the
> impact on HOA taxes. Now in year three, our very successful Farm is still
> in
> the building out stage and we are looking for ways to raise money to build
> a
> barn and some other outbuildings. We know HOAs have to pay big taxes on the
> wrong kind of income, maybe as high as 50%?  Ouch. How would this impact us
> if we're raising large amounts of income, paying back loans, buying assets,
> or saving up to buy future assets?  Can anyone give us some insight on HOA
> tax law?
> Thanks so much,
> Zita Xavier
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