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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.
Asker's rating. 1  Usually you may not deduct these taxes. 2  Yes, property taxes are deductible. 3  No not a deductible tax on your schedule A itemized deduction of your 1040 income tax return when it is a personal expense at that time in your life.