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OWNERS ASSOCIATION DISCLOSURE AND CONDOMINIUM RESALE STATEMENT ADDENDUM NOTE: For condominium resales or when Residential Property and Owners Association Disclosure Statement is not required (For
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An example of something that is not required is filing a tax return if your income is below the minimum threshold.
Individuals earning above a certain income level are required to file their tax returns, even if they might not be required in other scenarios.
If an individual is not required to file, they can avoid filling out formal documentation unless they choose to claim credits or refunds.
The purpose is to simplify tax administration by exempting certain individuals from filing requirements based on their income level.
If not required to file, individuals are not obligated to report income; however, any income earned must be documented if they later decide to file.
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