Tax Filings

Thanks!

marykc

in Taxes 12 years and 4 months ago

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marykc | 12 years and 4 months ago

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We are an 8 unit condominium building, condo formed in 1989\.  We have a Tax ID number, are not incorporated, and I just filed form 1120H with the IRS.  It took 5 minutes to fill out.  We owe no taxes as 100% of our “income” is exempt.  Getting conflicting advice from New York State tax office, though.  On Friday I was told to use state form CT-3, since we file 1120H, even though we are not a corporation.  Today I was told, no–don’t file that form, or anything apparently, because we are not incorporated.  Everyone seems bewildered that we aren’t incorporated.  Can anyone shed light on this situation?  Do we have to file with the state or with Kings County?  Why incorporate?  IRS treats us as an “unincorporated association,” which works for me!  I can’t find any record of condo ever filing state tax return.

cm | 12 years and 4 months ago

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You are a condominium association under new york law, it’s a special status. No income tax filing required.