does a condo association with no taxable income need to file taxes?
I’m not an accountant, but the below does make it sound like you have to file no matter what: Federal law requires all associations to file a tax return. Most associations are not for profit and file under the provisions of Section 1120 of the Internal Revenue Code. To meet the requirements of the Code, associations must have an approved annual budget along with a reserve schedule and formal vote of the members of the use of any surplus. Income is defined as exempt when it is received from owners in their capacity as association members, rather than in their capacity as customers for goods or services. Expenditures are defined as operating and capital expenditures that directly affect the association’s property. Generally, the “association’s property” for purpose of this discussion is property owned by the association for the enjoyment of its members. Sources: http://www.vahoalaw.com/cat-board-membe
