Must an Association file federal income taxes?
May 12, 2016
In Tennessee, homeowners associations and condominiums associations are generally formed as non-profit corporations. This means that they are corporations that are not intended to make a profit; they are not “businesses”. They are not charitable organizations. Homeowners associations and condominium associations must file federal income tax returns, just like any other corporation. However, because of…
READ MOREWhat happens when your neighbors change every week?
November 3, 2015
Meriam-Webster defines a “neighbor” as a “person who lives next to or near another person.” Most of the time our neighbors are familiar. What happens when that neighbor changes on a monthly or even a weekly basis? This is a question that homeowners and condominium associations are having to answer more and more frequently. With the…
READ MORECan an Association Prohibit or Restrict Smoking?
October 2, 2015
Can an association prohibit or otherwise restrict smoking in the common areas or common elements? This is not a question one would typically hear for homeowners associations. Simply put, single family homes in planned developments typically have open air common spaces where smoking is not an issue. But, in condominiums or townhome developments, smoking can…
READ MOREA Word on Condominium Insurance…Trust Us, It’s Important.
March 1, 2015
We are often asked what the most overlooked issue for a condominium association is. Insurance. The insurance provisions in a condominium’s master deed and how they interact with the maintenance and repair provisions are exceedingly important. For example, if a main water riser in a high-rise condominium bursts causing water damage in both common elements…
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