Aspen at Streamside Condominium Association

Aspen Update

June 6, 2024

Aspen at Streamside Condominium Association is in the final stages of the wind down and dissolution of the Association. As part of the dissolution you will received a 2nd check for the remainder of the funds of the Association. Those checks have been issued; they were mailed to the address of record for each account. Please deposit your check no later than Friday, September 27th, 2024, as the Aspen bank account will be closed shortly thereafter in order to conclude the wind down and dissolution. A U.S. Internal Revenue Form 1099-S will be mailed the address of record in 2025.

We have no records to know what you paid for your unit. The following is what we can provide regarding cost basis figures related to the 1099 reporting necessary to the IRS for income tax:

Note: These figures were used for the initial disbursement. They are not applicable to the second disbursement underway now.
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 $1,307,078.05 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. The same formula was used to calculate the amount of the second distribution underway now.

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 FOR 2023 WERE ISSUED EARLIER THIS YEAR.
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.

If we do not have an appropriate W-9 or W-8BEN for you, the funds due you will be turned over to the Unclaimed Property Fund in your jurisdiction. That process will begin during the summer of 2024.

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 first and/or second Liquidation Distributions. 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.”

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