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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.
This deduction amount, however, cannot exceed the basic standard deductions for the dependent taxpayerâs filing status. Itemized deductions. Although most taxpayers claim the standard deduction, all taxpayers may choose to itemize deductions and claim that amount if it is larger than their allowable standard deduction amount. You must file Form 1040 and Schedule A to itemize. Some itemized deductions are limited based on a taxpayerâs adjusted gross income, or AGI.