thanks. We're only 6 units, so we manage the building ourselves, actually, it mostly falls on me b/c everyone is lazy. When we took it over from the builders (after the last unit sold) it was an LLC. Ugg.

Do you manage your building? Would love to speak with people who manage their buildings

Thats completely incorrect. 1st of all the assoc should be a nonprofit inc . not an LLC. If you have an llc you are required to pay $150 per member over 3 memebers even if you are showing a loss.

It sees as though the reserves at the end of the year are also being shown as a profit. Building depreciation is being divided by the unit owners.

Bottom line is this is incorrect. The money you lose on the back end by being self managed will almost always substantially outweigh the cost of a property manager.

A reliable property manager is far more than a person with a set of keys that can open doors. A competent property manager should be an expert in any and all real estate matters relating to the building they manage.

Also fire the accountant he's a clown for not realizing this.

I know it's not tax season, but are there any accountants out there or people who manage their condo association that can help...

Our association is an LLC. in 2006, the building wasn't occupied and the builders only filled an 1120H form. This year, our accountant filed the 1120H and a CBT-150C and CBT-100, which are coorporate business tax forms. We ended up paying taxes (which I thought was wierd because we don't make any money, but when I went back to the accountant multiple times, he assured me that was standard for associations that were listed as corporations). I'm still not convinced. Anyone know the answer? Are we filling corporate taxes because we're an LLC? Has your association paid taxes in the past? HELP!