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Homeowner Association

Forum|Forum|4 years ago
February 24, 2022
3 replies
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I have a new homeowner association client. I would like to file an 1120-H is there a form in Proseries?

If I end up filing the 1120-S they have been filing is there somewhere I can find verification to be able to take the depreciation on the condominium they all own? They each are receiving a K-1 now with depreciation weighted by ownership.

The president of the association feels this is not correct, but I can't find where there would be reason not to

Thank you

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

Yep, you dont want the 1120S, use the 1120 and check the box

J

jeffmcpa2010

Level 10

The HOA owns a condo unit?

R

Reliable1Author

Level 2

It is a building with 4 condos owned by 4 couples

J

jeffmcpa2010

Level 10

The couples own the building jointly, or they each own their own condo's?

I'm just trying to understand where depreciation comes in.

Just-Lisa-Now-

Intuit Community Champion

Doesn't the 1120 form have a box on the front to mark as 1120H ?

I filed one years ago, so I know PS has the ability.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Just-Lisa-Now-

Answer

Intuit Community Champion

Yep, you dont want the 1120S, use the 1120 and check the box

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

qbteachmt

Level 15

"If I end up filing the 1120-S they have been filing"

Say what??!? When you examine this, there would be payroll, shareholders, etc. And it is unusual to hold Real Estate in an S Corp, so are you sure this is not a Property Management operation (as separate from the HOA)?

"but I can't find where there would be reason not to"

You have to know if H is right or if S is right. And this real estate ownership issue matters. Are you sure this isn't a Co-op, not an HOA and condos?

Don't yell at us; we're volunteers

R

Reliable1Author

Level 2

Thanks for your help! All set!

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