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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.
An HOA figures its taxable income by taking its non-exempt revenue and subtracting its expenses. However, just as money received from HOA members is not considered income for tax purposes, money spent to benefit those residents isn't a deductible expense, either.