Quote:
Originally Posted by retiredguy123
I would just point out that the IRS doesn't consider rental property as a business, it is an investment. You report business income on Schedule C, but you report rental income on Schedule E. Two different types of income.
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Schedule E is not labeled as investment. It is labeled as Rental Income. Again, when the time is right, it is for a judge to decide. If rentals were not a business, Florida lawmakers would not being working on a bill to correct the problem. In Florida, a vacation rental is 100% a business. Read the Florida Law.
The rentals ARE violating our deed restrictions. The problem is the clause as written may or may not be enforceable. The clause goes against Florida Law. This is the issue a judge would decide. Is the clause in the deed restriction legal?
CDD, HOA, doesn't matter. Everyone agreed they would follow the deed restrictions when they bought a home. Again, up for a judge to decide. The deed restriction makes it clear that you sue those not in compliance. A person(s) could do this for free. There is no shame in making certain all property owners adhere to the deed restrictions.