A.B. from New Haven County, Connecticut writes:
Dear Mister Condo,
If our 6 unit condo does not have enough interest income to require us to pay taxes, do we still have to file?
Mister Condo replies:
A.B., not having to pay taxes does not exclude one from having to file taxes. That being said, I assume your association as a non-profit corporation does, in fact, file a tax statement every year. Completing the interest income portion of that statement with your non-qualifying amount of interest really shouldn’t be that much of a big deal to your tax preparer. As you know, there can be penalties for not reporting interest income and you certainly wouldn’t want to incur a penalty on such a small amount of income. Best wishes!