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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.
Federal Standard Tax Deduction for 2014 and Other Tax Years If you choose not to itemize deductions on your federal tax return, you can claim the standard deduction.The federal standard tax deduction amounts for taxpayers who do not itemize deductions are listed below.ederal Standard Tax Deduction for 2014 and Other Tax Years If you choose not to itemize deductions on your federal tax return, you can claim the standard deduction.