IRS Reserve Fund Guidelines

Started by WilliamT • 1 replies • 2410 views

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WilliamT (Arizona)
Posts: 489

Posted:

I'm trying to locate the IRS Guidelines for planned community reserve funds, but I can't find anything on the IRS site relating to that.

Can someone point me to the proper url to find that guideline?

Thanks,

Bill

JohnM3 (Florida)
Posts: 288

Posted:

I have been TFL for the past 8 years I think. ( TFL= treasurer for life). I have signed 10 irs tax returns and this much I can tell you they could care less about reserve funds.
What they do care about is where the funds came from if from assoc dues, special assessments they are tax free in Florida.

On all remaining funds, money for tv filming, motion picture filming, adds in the assoc magazines, newspapers and interest on operateing as well as savings accounts, cds and stocks and bonds, income from mining operations on your lakes etc are all taxed as income at the rate of 30 percent on every dime. We have a cpa do a thorough audit every 5 years and a standard business audit every year since I became Treas. It was the stipulation I made.( Later on I found it in the docs)

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