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Forums > Homeowner Association > HOA Discussions

Subject: keeping monthly bill statements

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EricB
(Florida)

Posts:15

08/05/2006 1:55 PM
I need to know if we need to keep all bill statements? Like water, electric, lawn maintenance,and manitenance dues invoices once paid. If they have been recorded in our account books, is it necessary to keep them? I know we need to keep receipts of our purchases. Also what about deposit receipts you get back from the bank teller. Could someone please advise. Thanks Eric B FL

WilliamT
(Arizona)

Posts:489

08/06/2006 6:01 AM
There are IRS rules about how long to keep receipts. There may also be state laws. I would suggest you consult with your CPA or accountant who does you HOA tax returns. Bill

RogerB
(Colorado)

Posts:3725

08/06/2006 7:44 AM
Eric, you need to keep those you mentioned PLUS all other accounting records for tax purposes. And of course all other HOA documents for the period of time required by law.

Roger Borcherding Official HOATalk.com Sponsor DARCO Property Management (Colorado) (303) 925-0150 *See legal notice below (end of page) or go to www.hoatalk.com/legal

EricB
(Florida)

Posts:15

08/06/2006 4:26 PM
Thanks guys for the info. Is the reason why we need to keep the water & electric bill, because we are a orginization or business? As a regular tax payer we don't keep them for tax purposes. Eric

WilliamT
(Arizona)

Posts:489

08/06/2006 4:39 PM
Posted By EricB on 08/06/2006 4:26 PM Thanks guys for the info. Is the reason why we need to keep the water & electric bill, because we are a orginization or business? As a regular tax payer we don't keep them for tax purposes. Eric Correct. All the HOA expenses are tax deductible because they are for the corporation. You don't deduct your water and electric bill at home because it isn't used in a business. However, if you have an office at home that is deductible, you would be able to deduct a portion of your electic and heating bill, and you would have to keep the receipts. Bill

EricB
(Florida)

Posts:15

08/07/2006 6:24 AM
Thank you Bill.

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Forums > Homeowner Association > HOA Discussions > keeping monthly bill statements

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