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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.
See Table 22-1.Taxes and fees that are generally not de-ductible include the following items.Employment taxes. This includes social security, Medicare, and railroad retirement taxes withheld from your pay. However, you can take a deduction in 2012 for the deductible part of self-employment tax.n that case, deduct the estate tax as a miscellaneous deduction that is not subject to the 2%-of-adjusted-gross-income limit. For more information, see Publication 559, Survivors, Executors, and Administrators. Federal income taxes. This includes in-come taxes withheld from your pay.Fines and penalties.