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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 Internal Revenue Service gives taxpayers the option of claiming a standard deduction or itemizing several other available deductions. You can't do both. The standard deduction for a single taxpayer for the 2012 tax year is $5,950. If you don't have this much in itemized deductions, you'll pay taxes on more income if you itemize. Both the standard deduction and itemized deductions come off your taxable income, reducing it.