New York State CT3 Part 6 for HOA

[MOAE]

For homeowners association that only has receipts for the hoa dues, how do you complete Part 6 of form CT3 on page 6 for New York State?

[GeorgeM777]

The 2021 Instructions for completing Form CT-3 as it relates to homeowners associations provides the following on page 13 with regard to completing the form:

"A homeowners association, as such term is defined in IRC section 528(c), without regard to section 528(c)(1)(E), with no FTI, as the term is defined in section 528(d), is not subject to the fixed dollar minimum tax and must enter 0 on line 1c. A homeowners association filing federal Form 1120-H must mark an X in the Other box on Part 1, Section C, line 1, to avoid an erroneous assessment or delayed refund."

The acronym FTI as used in the above quoted paragraph means federal taxable income.   Here is a link to the Instructions for form CT-3 which you may find helpful.  

Instructions for Completing CT-3

[MOAE]

Do you then agree on part 2, 1b the new york receipts box should also be 0? And then part 6 put an X in the box on the top that states no receipts are required to be included in the denominator, then leave remaining of part 6 blank?

[GeorgeM777]

With regard to entering actual amounts into CT-3, or any other tax form, such advice is beyond the scope of the type of assistance we can offer. There are times when Live Expert help would be beneficial, particularly in situations where it may necessary to view the taxpayer's return; however, even our Live Experts would not be in a position to advise as to what numbers to enter into the particular tax form.