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Homeowners Association May 2010 w w w.w i n d s o r l a k e s h o a . O r g PRESIDENTS MESSAGE Submitted by Dick Deming, Outgoing President The Annual Meeting of the Windsor Lakes Homeowners Association
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A homeowners association is a legal entity formed by a real estate developer for the purpose of managing and governing a community or residential subdivision.
Homeowners associations are required to file Form 1120-H, U.S. Income Tax Return for Homeowners Associations, if they meet certain criteria set by the Internal Revenue Service (IRS).
To fill out Form 1120-H, homeowners associations need to provide information about their income, deductions, and other relevant details as required by the IRS. It is recommended to consult a tax professional or refer to the IRS instructions for completing the form accurately.
The purpose of Form 1120-H is to calculate and report the taxable income of a homeowners association, as well as to claim certain tax deductions and benefits available exclusively for qualified associations.
Homeowners associations must report their gross income, allowable deductions, exemptions, taxes owed, and other relevant financial information as required by the IRS on Form 1120-H.
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