IRS Form 1120-H "U.S. Income Tax Return for Homeowners Associations"

What Is Form 1120-H?

IRS Form 1120-H, Homeowners Association Tax Return, is a form filed by a homeowners association with the Internal Revenue Service (IRS) in order to take advantage of certain tax benefits. These benefits imply that the association can exclude function income from its gross income.

Alternate Name:

  • Homeowners Association Tax Form.

The IRS 1120-H Form was issued by the IRS and last revised in 2020. Homeowners associations may use the IRS fillable Form 1120-H available through the link below.

Where to File Form 1120-H?

The applicable IRS address where the Homeowners Association Tax Form must be filed depends not only on the location of the association's principal business, office, or agency but also on the date when this form is filed. Please refer to the IRS-issued instructions for Form 1120-H in order to know if you must mail the form to the IRS Center in Cincinnati, OH; the IRS Center in Kansas City, MO; or the IRS Center in Ogden, UT.

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IRS Form 1120-H Instructions

The 1120-H Form must be signed and dated by the corporation's president, vice president, chief accounting officer, treasurer, assistant treasurer, or any corporate officer authorized to sign. In general, associations must file Form 1120-H by the 15th day of the 4th month after the end of their tax year, although there are some exceptions.

If a homeowners association doesn't file its tax return by the due date, including extensions, it does not only lose its right to elect to file Form 1120-H, but also may be imposed a penalty of 5% of the unpaid tax for each month or days the return is late, and up to a maximum of 25%. The minimum penalty for a return that is 60 or more days late is the tax due or $210, whichever is smaller. If the homeowners association can show that failure to file Form 1120-H on time was due to a reasonable cause, the penalty will not be imposed.

How to Fill out IRS Form 1120-H?

  1. Section 1. Period Covered.
  2. Section 2. Name and Address. Enter the legal name and address of the association.
  3. Section 3. Employer Identification Number (EIN). Enter the association's EIN.
  4. Section 4. Association Date. Enter the date when the association was formed.
  5. Section 5. Final Return, Name Change, Address Change, Amended Return. Check the boxes that apply.
  6. Section 6.
    • Item A. Type of the homeowners association. Check one of the three types, and refer to the IRS separate instructions for 1120-H form specifications;
    • Item B. 60% gross income test. At least 60% of the gross income for the tax year shall consist of exempt function income;
    • Item C. 90% expenditure test. At least 90% of the expenditures for the tax year must consist of expenses to acquire, manage, build, maintain, and care for the property;
    • Item D. Enter the total expenditures of the association for the tax year;
    • Item E. Enter any tax-exempt interest that was received or accrued.
  7. Section 7. Gross Income. Enter the income amounts on each line, as per the form instructions.
  8. Section 8. Deductions. On each line, enter the amounts for the appropriate corporation's costs and expenses directly connected to the production of gross income.
  9. Section 9. Tax and Payments. Enter the applicable tax and payment amounts on each line.

IRS 1120-H Related Forms:

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1120-H
U.S. Income Tax Return
OMB No. 1545-0123
Form
for Homeowners Associations
2020
Department of the Treasury
Go to www.irs.gov/Form1120H for instructions and the latest information.
Internal Revenue Service
For calendar year 2020 or tax year beginning
, 2020, and ending
, 20
Employer identification number
Name
TYPE
Number, street, and room or suite no. If a P.O. box, see instructions.
Date association formed
OR
PRINT
City or town, state or province, country, and ZIP or foreign postal code
Check if:
(1)
Final return
(2)
Name change
(3)
Address change
(4)
Amended return
A
Check type of homeowners association:
Condominium management association
Residential real estate association
Timeshare association
B
Total exempt function income. Must meet 60% gross income test. See instructions
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B
C
C
Total expenditures made for purposes described in 90% expenditure test. See instructions .
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D
D
Association’s total expenditures for the tax year. See instructions
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Tax-exempt interest received or accrued during the tax year .
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Gross Income (excluding exempt function income)
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Dividends .
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Taxable interest .
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Gross rents .
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Gross royalties .
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Capital gain net income (attach Schedule D (Form 1120)) .
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Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)
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Other income (excluding exempt function income) (attach statement) .
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Gross income (excluding exempt function income). Add lines 1 through 7
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Deductions (directly connected to the production of gross income, excluding exempt function income)
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Salaries and wages
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Repairs and maintenance
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Rents .
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Taxes and licenses .
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Interest
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Depreciation (attach Form 4562)
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Other deductions (attach statement) .
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Total deductions. Add lines 9 through 15 .
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Taxable income before specific deduction of $100. Subtract line 16 from line 8 .
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$100
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Specific deduction of $100 .
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Tax and Payments
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Taxable income. Subtract line 18 from line 17
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Enter 30% (0.30) of line 19. (Timeshare associations, enter 32% (0.32) of line 19.) .
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Tax credits (see instructions)
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Total tax. Subtract line 21 from line 20. See instructions for recapture of certain credits .
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23a 2019 overpayment credited to 2020 .
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b 2020 estimated tax payments .
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Total
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d Tax deposited with Form 7004 .
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e Credit for tax paid on undistributed capital gains (attach Form 2439)
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Credit for federal tax paid on fuels (attach Form 4136) .
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Amount owed. Subtract line 23g from line 22. See instructions .
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Overpayment. Subtract line 22 from line 23g .
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Enter amount of line 25 you want: Credited to 2021 estimated tax
Refunded
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Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
Sign
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
Here
with the preparer shown below?
Yes
No
See instructions.
Title
Signature of officer
Date
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120-H
For Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 11477H
Form
(2020)
1120-H
U.S. Income Tax Return
OMB No. 1545-0123
Form
for Homeowners Associations
2020
Department of the Treasury
Go to www.irs.gov/Form1120H for instructions and the latest information.
Internal Revenue Service
For calendar year 2020 or tax year beginning
, 2020, and ending
, 20
Employer identification number
Name
TYPE
Number, street, and room or suite no. If a P.O. box, see instructions.
Date association formed
OR
PRINT
City or town, state or province, country, and ZIP or foreign postal code
Check if:
(1)
Final return
(2)
Name change
(3)
Address change
(4)
Amended return
A
Check type of homeowners association:
Condominium management association
Residential real estate association
Timeshare association
B
Total exempt function income. Must meet 60% gross income test. See instructions
.
.
.
.
.
.
B
C
C
Total expenditures made for purposes described in 90% expenditure test. See instructions .
.
.
.
D
D
Association’s total expenditures for the tax year. See instructions
.
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E
Tax-exempt interest received or accrued during the tax year .
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E
Gross Income (excluding exempt function income)
1
1
Dividends .
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Taxable interest .
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Gross rents .
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Gross royalties .
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Capital gain net income (attach Schedule D (Form 1120)) .
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5
6
Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)
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6
7
7
Other income (excluding exempt function income) (attach statement) .
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8
Gross income (excluding exempt function income). Add lines 1 through 7
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8
Deductions (directly connected to the production of gross income, excluding exempt function income)
9
Salaries and wages
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Repairs and maintenance
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Rents .
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Taxes and licenses .
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Interest
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Depreciation (attach Form 4562)
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Other deductions (attach statement) .
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16
Total deductions. Add lines 9 through 15 .
16
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17
Taxable income before specific deduction of $100. Subtract line 16 from line 8 .
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17
$100
18
Specific deduction of $100 .
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Tax and Payments
19
Taxable income. Subtract line 18 from line 17
19
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20
Enter 30% (0.30) of line 19. (Timeshare associations, enter 32% (0.32) of line 19.) .
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20
21
Tax credits (see instructions)
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21
22
Total tax. Subtract line 21 from line 20. See instructions for recapture of certain credits .
22
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23a 2019 overpayment credited to 2020 .
23a
b 2020 estimated tax payments .
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23b
c
Total
23c
d Tax deposited with Form 7004 .
23d
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e Credit for tax paid on undistributed capital gains (attach Form 2439)
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23e
f
Credit for federal tax paid on fuels (attach Form 4136) .
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23f
g Add lines 23c through 23f
23g
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24
Amount owed. Subtract line 23g from line 22. See instructions .
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25
Overpayment. Subtract line 22 from line 23g .
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25
26
Enter amount of line 25 you want: Credited to 2021 estimated tax
Refunded
26
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
Sign
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
Here
with the preparer shown below?
Yes
No
See instructions.
Title
Signature of officer
Date
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120-H
For Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 11477H
Form
(2020)