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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.
Itemized Deductions. The first thing to understand is that you can only deduct home closing costs, or settlement fees, if you itemize your deductions on an IRS form 1040. So, if you file a 1040EZ, for example, you will not reap any tax benefits from your home closing costs.