|Re: Related questions about taxes and donation income||<– Date –> <– Thread –>|
|From: Kathryn McCamant (kmccamantcohousing-solutions.com)|
|Date: Tue, 22 Oct 2019 08:56:48 -0700 (PDT)|
HOA are generally mutual benefit non-profits, at least here in California. A mutual benefit non-profit is NOT a charitable non-profit, to which you can make tax-deductible donations. A mutual benefit non-profits is for things like homeowners associations that are not set up as businesses, but with the expectation that most of your income from member dues will be spent in that year or set aside for maintenance reserves. Katie -- Kathryn McCamant, President CoHousing Solutions T.530.478.1970 C.916.798.4755 www.cohousing-solutions.com On 10/22/19, 7:05 AM, "Cohousing-L on behalf of Jude Foster" <cohousing-l-bounces+kmccamant=cohousing-solutions.com [at] cohousing.org on behalf of foster.jude [at] gmail.com> wrote: Ann, I was surprised to read that Takoma Village doesn’t pay taxes on your resale pod donations. I didn’t remember if you said that at your conference workshop. It might be worthwhile for some of us to hear from your bookkeeper why or how that is true, and if it is due to your District of Columbia tax laws. But with or without taxes, it’s a remarkable level of donation income! Katie, I was surprised to read your words that most HOA’s are “mutual benefit non-profits.” I was under the impression that most Coho’s are registered under state condo laws, which are not “non-profits” in any legal sense, are they? My community, Trillium Hollow in Portland OR, files for taxes and reports all donations - Common House room donations, mostly, plus use of Common House by an outside entity, etc. A total of $3-5K a year, which is nothing compared to TV's resale donation income. The big accountant company who handles most of our Reserve Studies in this area, Schwindt and Co, also handles our annual tax filing. That donation income is offset by certain expenses, resulting in a close-to-zero tax assessment each year. Maybe the subject line should change to “questions about taxes on donations?!” I’ll do that now. Jude, Trillium Hollow _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://L.cohousing.org/info
Related questions about taxes and donation income Jude Foster, October 22 2019
- Re: Related questions about taxes and donation income Kathryn McCamant, October 22 2019
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