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Form 1120 vs. Form 1120-H: Generally using the Form 1120-H versus Form 1120 is a much less complex and safer way for a Condominium, Townhome or Homeowner’s Association to file.
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Cell Phone Tower Buy-out: If your Association is considering accepting the buy-out of your cell phone tower lease income with the owner of the cell phone tower, please seek the advice of your Association tax expert before you complete the deal. There are ways to structure the buy-out so that it is non-taxable to the Association.
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Cooperative Housing Corporation Illinois Tax Planning: The State of Illinois has limited loss carry forwards on the Form IL-1120, (the normal tax filing for community associations in Illinois). We are recommending to all our Cooperative clients to begin budgeting for Reserves instead of including the capital expenses within the same budget as your operating assessments. If you follow the normal procedure, and your capital project is postponed for a year, your Cooperative could end up owing substantial taxes.
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