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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.
The standard deduction is a fixed amount that you can deduct without reporting any specific expenses; it is different for each of the filing statuses. For example, if you use the head of household status on your 2011 tax return, you can claim a deduction of $8,500. Therefore, when evaluating whether to itemize and claim a uniform deduction, you need to calculate your total itemized deductions and compare that amount to the standard deduction.