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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 most common itemized deductions include: 1  Deduction for state and local taxes paid. Taxpayers can deduct the entirety of any state and local taxes (including income, property and generalized sales taxes) that they paid for that tax year. 2  Deduction for mortgage interest paid.