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Caution: DRAFT FORM This is an advance proof copy of an IRS tax form. It is subject to change and OMB approval before it is officially released. You can check the scheduled release date on our website

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How to fill out form 1120-h page 1

01

Step 1: Start by entering the name of the homeowner's association (HOA) and its tax identification number on line 1.

02

Step 2: Fill in the address of the HOA on line 2.

03

Step 3: On line 3, provide the principal officer's name, title, and address.

04

Step 4: Indicate the fiscal year for which you are filing the form on line 4.

05

Step 5: If the HOA has undergone any name or address changes during the fiscal year, provide the details on line 5.

06

Step 6: Report the total number of homes or units in the association on line 6a.

07

Step 7: Enter the total number of exempt function units on line 6b.

08

Step 8: Calculate the percentage on line 7 by dividing the number of exempt function units by the total number of homes or units.

09

Step 9: Calculate the days the HOA operated under the fiscal year on line 8.

10

Step 10: Determine the number of days the HOA conducted exempt function activities on line 9.

11

Step 11: Divide the number from line 9 by the number from line 8 and enter the percentage on line 10.

12

Step 12: Provide a list of exempt function expenditures and their amounts in Part I of Schedule A.

13

Step 13: Complete Part II of Schedule A to report nonexempt function expenses.

14

Step 14: Consider any alternative minimum tax in Part III of Schedule A.

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Step 15: Complete the balance sheet in Schedule B.

16

Step 16: Report any revenue and expenses related to exempt activities in Schedule C.

17

Step 17: If applicable, complete Part I of Schedule D to report nonexempt function income.

18

Step 18: Report any taxes and payments made in Part II of Schedule D.

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Step 19: Provide details on any tax credits or other payments in Part III of Schedule D.

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Step 20: Complete Part IV of Schedule D for any excess net passive income.

21

Step 21: Attach any required supporting documents and file the form by the due date.

Who needs form 1120-h page 1?

01

Homeowner's associations (HOAs) that meet certain criteria are required to file Form 1120-H, specifically page 1, with the Internal Revenue Service (IRS).

02

To be eligible, the HOA must meet the following conditions: 1. It must be a qualifying homeowners' association under IRS guidelines. 2. It should have a fiscal year that ends on December 31. 3. The annual gross income of the association should primarily come from exempt function income, such as membership dues, fees, assessments, and interest on reserves. 4. At least 60% of the association's expenses should be dedicated to providing for the maintenance, repair, and replacement of association property or facilities, or to the acquisition, construction, management, and care of association property. 5. It should not distribute any earnings or profits to its members.

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What is form 1120-h page 1?

Form 1120-H page 1 is the first page of the Form 1120-H, U.S. Income Tax Return for Homeowners Associations.

Who is required to file form 1120-h page 1?

Homeowners Associations are required to file Form 1120-H page 1.

How to fill out form 1120-h page 1?

Form 1120-H page 1 is filled out by providing the necessary information about the Homeowners Association's income, deductions, and other financial details.

What is the purpose of form 1120-h page 1?

The purpose of Form 1120-H page 1 is to report the Homeowners Association's income, expenses, and taxes owed.

What information must be reported on form 1120-h page 1?

Information such as the Homeowners Association's income, deductions, credits, and tax liability must be reported on Form 1120-H page 1.

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