Yes. We fall under IRS Code Section §528 and file form 1120-H. This subsection exempts certain nonprofit homeowners associations that manage association property. At least 60% of our gross income must come from dues, fees or assessments and at least 90% of our expenditures must be for the association’s property. We do not pay income tax on dues and assessments, if they are used for maintenance or improvement. We do not pay income tax on any other taxable income, as long as we maintain those percentages.
