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Re: Taxes for not for profit/condo association

@Mike9241wrote:Contrary to the misconception that they are tax-exempt, condo associations.......Which is completely understandable since the term "exempt functi...

M-MTax

Updated May 23, 2025
Re: Taxes for not for profit/condo association

Condo associations typically file an 1120 or 1120-H with the IRS.Seehttps://www.irs.gov/instructions/i1120h#en_US_2024_publink24935gd0e231In Illinois, if there ...

M-MTax

Updated May 23, 2025
Re: Real estate sale in a trust

If "principal" means total proceeds from the sale, then that would include capital gains.

M-MTax

Updated May 23, 2025
Re: Real estate sale in a trust

Long-term capital gains rate is 20% plus 3.8% NIIT (if the NIIT is applicable).

M-MTax

Updated May 23, 2025
Re: Real estate sale in a trust

@Farmgirl123wrote:if you are distributing that gain as principal it seems to me it shouldn’t be reported as DNI? What do the provisions in the trust provide, ex...

M-MTax

3

Updated May 23, 2025

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