Yesterday, two members of the U.S. Representatives from California, Rep. Anna Eshoo and Rep. Mike Thompson introduced the Helping Our Middle-Income Earners (HOME) Act. If passed, the HOME Act would allow certain homeowners to deduct up to $5,000 in qualified homeowners association assessments from their federal tax liability.
The HOME Act applies to qualified homeowners association assessments paid to condominium unit owners association, property owners association or cooperative.
The bill does place some additional burdens on associations, requiring associations to provide:
- the name, address and tax ID number of each owner; and,
- the amount of assessments received from each owner during the calendar year.
This information (particularly the tax ID) may not be currently kept by associations, but is required by the HOME Act to be provided by an owner to the association along with the address and phone number of the owner.