Aspen at Streamside Condominium Association

Aspen Update

May 18, 2023

CHANGES AS OF MARCH 10, 2024

We are getting questions from owners who would like Aspen to provide cost basis figures related to the 1099 reporting necessary to the IRS for income tax. The following is the best your Board can provide.

The replacement fund balance at time of sale was $1,307,078.05. Your percentage ownership in the replacement fund balance is based upon your ownership in the general common elements. Your ownership in the general common elements is on EXHIBIT B to the Aspen Declaration. CLICK HERE to access EXHIBIT B. NOTE: Do NOT use the percentage ownership in your Respective Unit (1%, 2%, 3%, 4%). Your percentage interest in the general common elements multiplied by $1,307,087.05 will give you an estimate of your portion. For example, Unit 101, Week 15 interest in the general common elements is .0282%. $1,307,078.05 X .000282 = $368.60.

Aspen does not have access to your 2009/2010 billing for the special assessment renovating the building. Aspen does have a newsletter indicating the amount. The amount actually billed is listed on page 2. If you were not an Aspen owner at the time of the special assessment, you are not eligible to deduct any portion of the special assessment in 2009/2010. CLICK HERE for a copy of that newsletter.

Aspen takes no position on the deductibility of the purchase price, replacement fund, or the special assessment from your gross proceeds. Please consult with a tax professional.

UNITED STATES INTERNAL REVENUE SERVICE 1099 FORMS HAVE BEEN ISSUED.
We have mailed or emailed the 1099 forms. Most 1099s were sent by US Postal Service regular mail. The 1099 was sent to one owner per account. According to our CPA, your tax advisor will know how to properly allocate to multiple owners and will notify the IRS & other owners accordingly. If you have not received your 1099, please email us at sale@aspenatstreamsidevail.com with a good email address. We will email your 1099 to the email address you provide. If you feel there is a mistake in your 1099, please email us. THE 1099 WILL SHOW THE GROSS SALE PROCEEDS FOR YOUR WEEK. The amount does not include refunded assessments. The amount has not been reduced by any fees.

There are still some owners who have not submitted W-9s. Checks for those owners cannot be mailed. Our accounting professionals have advised that we must have a W-9 (or W-8BEN for non-U.S. owners) to avoid potential penalties from the IRS. If you have not submitted your W-9 please do so that we can mail your check. If we do not receive appropriate W-9s or W-8BENs for you, the funds due you will be turned over to the Unclaimed Property Fund in your jurisdiction.

We began mailing the checks for owner shares of the net sale proceeds and other assets of the Association May 17, 2023. If you owned multiple weeks, you may have received multiple checks in separate envelopes; each unit week was issued a separate check.

There may be three lines on your check stub with dollar amounts. Here is an explanation of those items.

Liquidation Distribution. This is the amount that is due you after all of the Association assets were added together and expenses of the wind down were estimated. It was calculated the same way your yearly assessments were calculated, according to your percent of ownership specified in our Declaration. Those are based on the unit size and season of the year.

Fees Accrued. Our attorney charged Aspen for legal services necessary to determine addresses, ownership, or other items for some owners. If those fees were applicable in your account, they were charged back to you and deducted from the Liquidation Distribution. These fees were approved by the Board of Managers of the Association.
Software Research Locate Fee – $195.00
Indemnity agreement – $250.00
Check Cancellation Fee – $35.00
Fee to Reissue Check – $100.00
Service fees – variable

A/R Due to Aspen. Any accounts receivable amount you owed to the Association at the time the building was sold was deducted from your Liquidation Distribution. This could be unpaid assessments, an amount from a court ordered legal judgement, or any other unpaid item.

REFUND of ASSESSMENT:
If you were due a refund of the assessments you paid for 2022, those checks were put in the mail in mid-April, 2023. The amount of your check reflected only assessments paid by any owner of units in weeks 25 -52 and did not include any money due for the sale. On the check, the amount was marked “Net Refund of Assessment.”

COURT CASE.
The Association filed a Motion for Summary Judgement with the Court, and on On January 3, 2024, the Court granted summary judgement in favor of Aspen at Streamside and against the Plaintiff.

As they become available, updates are posted on this website, https://aspenatstreamsidevail.com.