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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.
You should itemize deductions if your allowable itemized deductions are greater than your standard deduction or if you must itemize deductions because you cannot use the standard deduction. You may be able to reduce your tax by itemizing deductions on Form 1040, Schedule A (PDF). Itemized deductions include amounts you paid for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses. You may also include gifts to charity and part of the amount you paid for medical and dental expenses.