Below, you'll find answers to frequently asked questions about homeowner's associations in Lacerte:
How do you generate Form 1120-H for a homeowner's association?
- Go to Screen 54, HOA (1120-H) / Cooperative (1120-C).
- Select the box labeled Homeowner's association (MANDATORY).
- In the Type of association field, select an option from the dropdown menu.
- Enter the Exempt Function Income.
- Scroll down to the Deductions section and fill it out.
- You only need to enter gross income if it's different from the input in other screens.