Form 1120-H

Department of the Treasury 

Internal Revenue Service

U.S. Income Tax Return 

for Homeowners Associations

Go to www.irs.gov/Form1120H for instructions and the latest information.

OMB No. 1545-0123

2023

For calendar year 2023 or tax year beginning , 2023, and ending , 20

TYPE 

OR 

PRINT

Name

Number, street, and room or suite no. If a P.O. box, see instructions.

City or town, state or province, country, and ZIP or foreign postal code

Employer identification number

Date association formed

Check if: (1) Final return (2) Name change (3) Address change (4) Amended return

A Check type of homeowners association: Condominium management association Residential real estate association Timeshare association

B Total exempt function income. Must meet 60% gross income test. See instructions . . . . . . B

C Total expenditures made for purposes described in 90% expenditure test. See instructions . . . . C

D Association’s total expenditures for the tax year. See instructions . . . . . . . . . . . . D

E Tax-exempt interest received or accrued during the tax year . . . . . . . . . . . . . . E

Gross Income (excluding exempt function income) 

1 Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2 Taxable interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

3 Gross rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

4 Gross royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

5 Capital gain net income (attach Schedule D (Form 1120)) . . . . . . . . . . . . . . . 5

6 Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . . . . . . . . . 6

7 Other income (excluding exempt function income) (attach statement) . . . . . . . . . . . 7

8 Gross income (excluding exempt function income). Add lines 1 through 7 . . . . . . . . . 8

Deductions (directly connected to the production of gross income, excluding exempt function income) 

9 Salaries and wages . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

10 Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . 10

11 Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

12 Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

13 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

14 Depreciation (attach Form 4562) . . . . . . . . . . . . . . . . . . . . . . . 14

15 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . . . . 15

16 Total deductions. Add lines 9 through 15 . . . . . . . . . . . . . . . . . . . . 16

17 Taxable income before specific deduction of $100. Subtract line 16 from line 8 . . . . . . . . 17

18 Specific deduction of $100 . . . . . . . . . . . . . . . . . . . . . . . . . 18 $100

Tax and Payments

19 Taxable income. Subtract line 18 from line 17 . . . . . . . . . . . . . . . . . . 19

20 Enter 30% (0.30) of line 19. (Timeshare associations, enter 32% (0.32) of line 19.) . . . . . . . 20

21 Tax credits (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . 21

22 Total tax. Subtract line 21 from line 20. See instructions for recapture of certain credits . . . . . 22

23a Preceding year’s overpayment credited to the current year . . . . . . 23a

b Current year’s estimated tax payments . . . . . . . . . . . . . 23b

c Tax deposited with Form 7004 . . . . . . . . . . . . . . . . 23c

d Credit for tax paid on undistributed capital gains (attach Form 2439) . . . 23d

e Credit for federal tax paid on fuels (attach Form 4136) . . . . . . . . 23e

f Elective payment election amount from Form 3800 . . . . . . . . . 23f

g Total payments and credits. Combine lines 23a through 23f . . . . . . . . . . . . . 23g

24 Amount owed. Subtract line 23g from line 22. See instructions . . . . . . . . . . . . . 24

25 Overpayment. Subtract line 22 from line 23g . . . . . . . . . . . . . . . . . . . 25

26 Enter amount of line 25 you want: Credited to 2024 estimated tax Refunded 26

Sign 

Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is 

true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Signature of officer Date Title

May the IRS discuss this return 

with the preparer shown below? 

See instructions. Yes No

Paid 

Preparer 

Use Only

Print/Type preparer’s name Preparer’s signature Date Check if 

self-employed 

PTIN

Firm’s name 

Firm’s address 

Firm’s EIN 

Phone no. 

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11477H Form 1120-H (2023)