[enginecore]

Up

0

Down

::

Why not ask the board to reconsider? Maybe they can keep the pre-submitted questions format but allow a 15-minute live Q&A after. It’s a compromise that ensures efficiency while giving owners a voice.

[enginecore]

Up

0

Down

::

I suggest speaking to your HOA board about this. Explain to them the benefits of using drought-resistant plants. Perhaps they will consider amending your bylaws to allow drought-resistant plants if you’re able to change their minds.

[enginecore]

Up

0

Down

::

Do the tax filing deadlines for HOAs align with those for personal taxes? In other words, if your taxes are postmarked by midnight on March 15, 2024, does the IRS consider them timely? Or do they need to reach Ogden, UT by the same date? Thank you for your assistance and timely responses.

[enginecore]

Up

0

Down

::

@wazzackrind

As a newly established HOA (since August 2023), I’m exploring liability insurance options for our common areas for the upcoming year. Can we deduct this expense on our 1120H tax return? If so, where should it be recorded?

Furthermore, our developer transferred control to the HOA in August 2023. Should we file taxes this year, or should we wait until next year when we have a full year of operating as an HOA? Should we adhere to the calendar year 2023, or would it be advisable to align our fiscal year from August 2023 to August 2024?

[enginecore]

Up

0

Down

::

Definitly normal but straightup immoral if you ask me

[enginecore]

Up

0

Down

::

Yes, fines should be deposited into the operating account of your HOA. They work just like assessments that way. You can treat them as revenue and use them to pay for your HOA’s expenses. If you happen to have a surplus because you collected a lot of fines this year, you can carry them over to the next year’s budget.

[enginecore]

Up

0

Down

::

In that case, why not set up a separate account for contingnencies? Seems like you’re mixing funds here, which isn’t ideal.

[enginecore]

Up

0

Down

::

JSYK OP, reserves are not for unancitipated or emergency costs. In fact, they serve the opposite purpose. Your reserves are for calculated expenditures that you know your POA will probably need to pay for in the future.

[enginecore]

Up

0

Down

::

As far as I know, if the cameras aren’t facing anywhere private, then that’s ok.

[Author]

Posts