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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 individual tax filer has the choice of claiming the standard deduction or itemizing deductible expenses from a list that includes state and local taxes paid, mortgage interest, and charitable contributions. In either case, taxable income is decreased by the amount of the allowed deduction. The deduction reduces tax liability by the amount of the deduction times the filerâs marginal tax rate, and is thus worth more to taxpayers in higher brackets.