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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.
In order to claim itemized deductions, you must file your income taxes using Form 1040 and list your itemized deductions on Schedule A. You cannot file your taxes using Forms 1040A or 1040EZ if you want to itemize your deductions; only the standard deduction can be taken on these shorter forms.