Not unless they are accrual basis taxpayers.
Hope this helps. If you think this post was helpful, please check the asnwer was a good answer tab below. Thanks. Mr. Geffen is licensed to practice law throughout the state of Texas with an office in Dallas. He is authorized to handle IRS matters throughout the United States and is licensed to practice in US Tax Court as well as The Court of Claims. This answer is provided as a public service and as a general response to a general question, it is not meant, and should not be relied upon as specific legal advice, nor does it create an attorney-client relationship.
Usually they do because most associations use the accrual method of accounting. That is not an excuse for owners to skip paying their assessments. Associations are non-profit corporations and almost all of them have no other source of income. If they don't collect assessments they cannot pay the bills and have to reduce services. Tax deductions mean nothing if the association is insolvent.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.
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