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January 31, 2008
Condo Assoc. + Taxes
We have a 4 owner condo association for our brownstone and was wondering if anyone knew if our assoc needs to file taxes each year? Is it as simple as filling out a 1120-H and sending it in?
Comments
Yes, you will need to file form 1120-H for the federal return, but you will also need to file the NYS Corporate Tax Return (article9a), the MTA Franchise Tax return, and the NYC general corporation tax return. It sound more complicated than it is. New York State considers condominiums associations under its article 9a law. Most likely, you will pay a minimum fixed tax for the state and city return, and the MTA franchise tax is 17 percent of the state corporation tax. The City's minimum tax is $300, the state's minimum is about $100. Yes you get taxed in New York even if you have no income! You can find the state forms at the NYS Dept of Taxation and finance website and the City forms at the NYC Dept of Finance website. You will probably be able to file the short form for the State.
Posted by: guest at January 31, 2008 6:01 PM
Don't you think you should have known the answer to this BEFORE you created the condo? Duh.
Posted by: guest at January 31, 2008 11:03 PM
11:03 - wow..the negativity. sorry life has been so bad for you. the condo was created for us by the sponsor and we moved into the brownstone afterwards.
Posted by: gorilla at February 1, 2008 10:22 AM
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