I belong to a garden club who received a 1099 INT form this year for $85. We are not for profit and are a neighborhood group who sell plants to raise money to take care of land in our neighborhood that the city will not take care of any more. This past year we didn't use that money right away and along with money left over from last year we put it in an account which drew interest. Are we required to file taxes?
>
>
>
>
>
>
>
>
>
First of all there is a difference between a not for profit & a non-profit entity. They are very different types of entities. Depending on the type of entity, it may be required to file a tax return. However, filing a tax return does not mean that there is a tax liability. You should consult with your own CPA/tax advisor. ___________________________________
-----> real address on hobokeni or hobokenx
Have something to add? Share your thoughts — no account required.
Ask the community — no account required