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Tax question re: condo assoc trust in MA

Sent to Tax Experts July 03 09:41 AM

I own a condo. There are 3 units each owned individually but the association itself is a trust. Do we (the association) need to secure a FEIN and/or file tax returns? There is some money in an association account but it does not generate any income.

Thank You.

 

Optional Information:
Boston, Massachusetts

Customer (name blocked for privacy)
Status:  Closed   Value: $8
Answer
July 3 9:57 AM (16 minutes and 11 seconds later)
         
ACCEPTEDCheck Mark
Condo Associations are required to file annual tax returns. Form 1120-H is used (www.irs.gov or 1-800-829-3676 for forms).
You must file Form SS-4 to apply for a Employer Identification Number.

Some funds are non-taxable but require reporting each year on Form 1120-H.
Note: the form and instructions are fairly simple. Good luck.

Gary Elis
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