Condos and HOAs: Federal Tax Issues (Currently Unavailable)

Author: Pat Patterson

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

This course explains the varied and unusual details of Condominium Association (CONDOS) and Homeowners’ Associations (HOAs) in the CIRA Industry and the issues encountered with filing federal income tax returns. There are specific areas in the Internal Revenue Code that deal with CIRAs and Condominiums. The CIRA industry has tax standards that relate often to state laws and rules for Condominium Associations.

Publication Date: January 2022

Designed For
The course is designed for CPAs, Property Managers, Investors, and other accounting professionals working in the tax areas of Condos and HOAs. The tasks include revenue and expense issues as well as capitalization issues and ownership issues. The actual ownership of common property in a Condo and HOA influence how capitalization and depreciation will be handled.

Topics Covered

• Common Interest Realty Associations' (CIRAs') Tax Problems
• Common Characteristics
• Not for Profit ???
• Tax Exempt ???
• Types of CIRAs
• Variations
• Common Tax principles Relating to CIRAs
• IRS Activity
• Form 1120 U.S. Corporation Income Tax Return
• 1120”H
• Cira Capital Contributions
• Form 1120”C
• Financial vs Tax
• Where are we going?

Learning Objectives

• Identify the types of tax returns required to be filed by a Condominium Association and Homeowners' Associations
• Describe the mechanics of providing tax returns to a Condo or HOA depending on the type of CIRA and the level of attention needed
• Recognize the procedures that CIRAs may make concerning revenue, capitalization issues, and deductions for the condo and HOA association
• Identify when an owner/member of an association may be affected by the CIRA's accounting implications
• Identify and explain the capitalization policy of a Condominium Association and a Homeowners' Association
• Differentiate ASC topics and how they apply with respect to CIRAs
• Identify a typical receipt for a CIRA

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of the CIRA accounting. Federal tax issues and state and local tax issues should be understood.

Advance Preparation
None