Qualified homeowners associations
GPTKB entity
Statements (18)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:organization
|
| gptkbp:definedIn |
Internal Revenue Code Section 528
|
| gptkbp:exemptFunctionIncome |
Dues, fees, or assessments from owners of residential units
|
| https://www.w3.org/2000/01/rdf-schema#label |
Qualified homeowners associations
|
| gptkbp:location |
gptkb:United_States
|
| gptkbp:mustFile |
gptkb:Form_1120-H
|
| gptkbp:notExemptFunctionIncome |
Interest, dividends, rental income from nonmembers
|
| gptkbp:purpose |
Manage common areas and services for residential communities
|
| gptkbp:relatedTo |
gptkb:neighborhood
United States tax law Condominium associations Residential real estate management |
| gptkbp:requires |
At least 90% of expenditures must be for management, maintenance, acquisition, or construction of association property
At least 60% of gross income must be exempt function income |
| gptkbp:taxStatus |
Flat 30% on non-exempt function income
May elect special tax treatment under IRC 528 |
| gptkbp:bfsParent |
gptkb:Form_1120-H
|
| gptkbp:bfsLayer |
7
|