Are we an HOA or not?

Started by JohnO14 • 3 replies • 752 views

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JohnO14 (Florida)
Posts: 1

Posted:

We are Incorporated and call our selves am HOA. Per the IRS we are a 501C3 social group. SO are we really an HOA. We do not own our land and we only rent the land. We are trying todecide if we must follow the new 723 rules for Florida since we are not considered an HOA from the IRS.. Any thoughts Thank You

BenA2 (Texas)
Posts: 1,273

Posted:

501C3 means you are a charity. I assume you mean the IRS says that you are NOT a 501C3 charity which is typical of HOAs. How the IRS classifies you has nothing to do with whether you are really an HOA. Some states have specific definitions though.

BenA2 (Texas)
Posts: 1,273

Posted:

Sorry, I don't know how the rules in Florida affect you.

GenoS (Florida)
Posts: 4,276

Posted:

501(c)(3) is an actual charity. An HOA is formed for the benefit of homeowners and, thus, usually doesn't qualify as such. FS 723 is for mobile home parks and since you don't own any land, it seems like that covers your situation. How the IRS views your tax status is completely separate from how the state of Florida views your association. You don't need to be one in order to be the other, I think, and because you're one doesn't necessarily mean you're automatically the other, either.

See if FS 723 applies to you.

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