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I live in a condominium in Minnesota. I am being told

Sent to Tax Experts October 16 2006 at 5:50 AM
   

I live in a condominium in Minnesota. I am being told by our board that as such we do not have to file a tax return because we are a non-profit (Common Intrest Community). Is this right? I came from a townhome and a member of the board and we always filed. Please let me know and if possible the statutes or regs that apply.
Thak you very much.
Don Beauchane

 

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Maple Grove, Minnesota

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Customer (name blocked for privacy)
Status:  Closed   Value: $9
Answer
October 16 2006 at 6:12 AM (21 minutes and 39 seconds later)
         
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Dear Customer (name blocked for privacy),

You and the other residents must still file state and federal income taxes. Any exemption would be for the filing of corporate income taxes by the association.

However, such exemption is not automatic. Even though they may be non-profit, they have to request the tax exemption from both the IRS and the State.

Here is a list of the non-porofit organization that typically request and receive exemptions in MInnesota.

http://www.mncn.org/info_mn_np6.htm

 



YOUR PAYMENT AND BONUS IF ANY MAY BE TAX DEDUCTIBLE

Edward M. Johnson
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Ed Johnson -- International HR Consultant -- 99% Positive Feedback on 3928 Tax Accepts
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Reply
October 16 2006 at 6:49 AM (37 minutes and 17 seconds later)
         
Reply to Ed Johnson's Post: I am going to pay but not totally happy with answer. Not complete.
Customer (name blocked for privacy)
Info Request
October 16 2006 at 7:09 AM (20 minutes and 35 seconds later)
         

Dear Customer (name blocked for privacy),

I answered you question directly, so I do not understand what is missing.

The site I provided lists all the regs, which are based on the FED IRC 501and 509.

What is it I can provide, that you would be happy with the answer. What is not complete?



YOUR PAYMENT AND BONUS IF ANY MAY BE TAX DEDUCTIBLE

Edward M. Johnson
Picture
Ed Johnson -- International HR Consultant -- 99% Positive Feedback on 3928 Tax Accepts
GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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