Day: October 5, 2023
Do HOAs File Tax Returns?
Homeowners associations are nonprofits, meaning they are probably exempt from paying taxes. However, there are different categories of nonprofits, with HOAs classified as common interest realty associations (CIRA). Under federal law, CIRAs must file tax returns. So, why do homeowners associations have to file tax returns, yet they are nonprofit organizations? Let’s find out. Why…