Instructions For Form 1120-H - 2009

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2 0 09
Department of the Treasury
Internal Revenue Service
Instructions for
Form 1120-H
U.S. Income Tax Return for Homeowners Associations
exclude exempt function income (defined
Section references are to the Internal
How To Get Forms
later) from its gross income.
Revenue Code unless otherwise noted.
and Publications
Electing To File Form
Internet. You can access the IRS
What’s New
1120-H
website 24 hours a day, 7 days a week, at
to:
A homeowners association elects to take
The election to claim an additional
Download forms, instructions, and
advantage of the tax benefits provided by
research tax credit instead of claiming
publications;
section 528 by filing a properly completed
any additional first-year special
Order IRS products online;
Form 1120-H. The election is made
depreciation allowance for eligible
Research your tax questions online;
separately for each tax year and generally
qualified property has been extended to
Search publications online by topic or
must be made by the due date, including
eligible qualified extension property. See
keyword; and
extensions, of the income tax return.
the instruction for line 23g.
Sign up to receive local and national
This extension does not extend the
Photographs of
tax news by email.
time to pay the tax.
Missing Children
DVD for tax products. You can order
Once Form 1120-H is filed, the
Pub. 1796, IRS Tax Products DVD, and
association cannot revoke its election for
The Internal Revenue Service is a proud
obtain:
that year unless the IRS consents. The
partner with the National Center for
association may request IRS consent by
Missing and Exploited Children.
Current-year forms, instructions, and
filing a ruling request. A user fee must be
Photographs of missing children selected
publications.
paid with all ruling requests. For more
by the Center may appear in instructions
Prior-year forms, instructions, and
information on ruling requests, see Rev.
on pages that would otherwise be blank.
publications.
Proc. 2009-1, 2009-1 I.R.B. 1.
You can help bring these children home
Tax Map: an electronic research tool
by looking at the photographs and calling
and finding aid.
If the association does not elect to use
1-800-THE-LOST (1-800-843-5678) if you
Tax Law frequently asked questions.
Form 1120-H, it must file the applicable
recognize a child.
Tax Topics from the IRS telephone
income tax return, for example, Form
response system.
1120, U.S. Corporation Income Tax
Unresolved Tax Issues
Internal Revenue Code – Title 26.
Return.
The Taxpayer Advocate Service (TAS) is
Fill-in, print, and save features for most
Automatic 12-month extension to
an independent organization within the
tax forms.
make election. If the homeowners
IRS whose employees assist taxpayers
Internal Revenue Bulletins.
association fails to make the regulatory
who are experiencing economic harm,
Toll-free and email technical support.
election to be treated as a homeowners
who are seeking help in resolving tax
Two Releases during the tax year.
association, it can get an automatic
problems that have not been resolved
– The first release will ship the beginning
12-month extension to make the section
through normal channels, or who believe
of January.
528 election, provided corrective action is
that an IRS system or procedure is not
– The final release will ship the beginning
taken within 12 months of the due date
working as it should. The service is free,
of March.
(including extension) of the return. See
confidential, tailored to meet your needs,
Regulations section 301.9100-2 for more
Buy the DVD from National Technical
and is available for businesses, as well as
information.
Information Service (NTIS) at
individuals.
gov/cdorders for $30 (no handling fee) or
A homeowners association should
The association can contact the TAS
call 1-877-233-6767 toll free to purchase
compare its total tax computed on Form
as follows.
the DVD for $30 (plus a $6 handling fee).
1120-H with its total tax computed on
Call the TAS toll-free line at
The price is discounted to $25 for orders
Form 1120. The association may file the
1-877-777-4778 or TTY/TDD
placed prior to December 1, 2009.
form that results in the lowest tax.
1-800-829-4059 to see if the association
Tax rate. The taxable income of a
is eligible for assistance.
By phone and in person. You can
homeowners association that files its tax
Call or write the association’s local
order forms and publications by calling
return on Form 1120-H is taxed at a flat
taxpayer advocate, whose phone number
1-800-TAX-FORM (1-800-829-3676). You
rate of 30% for condominium
and address are listed in the local
can also get most forms and publications
management associations and residential
telephone directory and in Pub. 1546,
at your local IRS office.
real estate associations. The tax rate for
Taxpayer Advocate Service – Your Voice
timeshare associations is 32%. These
at the IRS.
General Instructions
rates apply to both ordinary income and
File Form 911, Request for Taxpayer
capital gains.
Advocate Service Assistance (And
Purpose of Form
Application for Taxpayer Assistance
If the association is tax exempt under
Order), or ask an IRS employee to
A homeowners association files Form
section 501(a), do not file Form 1120-H.
complete it on the association’s behalf.
1120-H as its income tax return to take
See section 6033 and related regulations.
For more information, go to
advantage of certain tax benefits. These
If the association loses its exempt status,
gov/advocate.
benefits, in effect, allow the association to
see Regulations section 1.528-8(e).
Cat. No. 24935G

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