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All associations that elect to be taxed as a homeowners association are entitled to a speciï¬c $100 deduction from its taxable income. This means that associations with relatively small amounts of taxable income could have their tax liability eliminated by the application of the speciï¬c $100 deduction.
You can deduct certain expenses as miscellaneous itemized deductions on Schedule A. (Form 1040). You can claim the amount of expenses that is more than 2% of your adjusted gross income. You figure your deduction on Schedule A by subtracting 2% of your adjusted gross income from the total amount of these expenses. Your adjusted gross income is the amount on Form 1040, line 38.