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HOA Board actions threaten IRS action

When one purchases property in a common interest development (or HOA) a whole raft of legal documents accompany the transaction.  Most homeowners only slightly review these documents and little understand the depth and breadth of the content.  Most likely to be overlooked (perhaps even not revealed) is the Internal Revenue System (IRS) standing of the HOA.

However, you may wish to know more about that standing after you read the following.  Is not a given that your HOA has tax-exempt status, nor is it guaranteed that any HOA will keep that status.

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