IRS Holding Home Owners responsible?

[ChattanoogaTn]

A "whisker" away from buying in The Villages and then someone tells me to beware of IRS troubles with The Villages concerning Bonds or whatever.

Can someone please straighten me out on this so that my "paranoia" will be at rest and I can then know the truth of the matter.

Banks charge us double, triple and charge sky high Interest rates and then get in trouble and "WE" gotta bail them out. How is it the honest people always gotta pay for other people's mistakes ?? :cus:

[swrinfla]

Without going into any great detail, let me just say this:

"This is a non-issue!"

The IRS questioned The Villages bond status 5-6 years ago and ws satisfied. Why they're questionning again is subject to a variety of interpretations, but the bottom line is:

"This is a non-issue!"

SWR

[Indy-Guy]

Check out this thread it may help.

https://www.talkofthevillages.com/forums/showthread.php?t=20880

[ChattanoogaTn]

Thanks for replys..... Interesting article. Thanks again

[djl8412]

Please don't proclaim this is a "non-issue" until it is truly a non-issue. If it was a non-issue and the IRS supposedly "satisfied" 5-6 years ago, why would it be under their microscopes again? Although they looked into this issue 5-6 years ago, they were still troubled by this bond issue.

[Muncle]

A "whisker" away from buying in The Villages and then someone tells me to beware of IRS troubles with The Villages concerning Bonds or whatever.

Can someone please straighten me out on this so that my "paranoia" will be at rest and I can then know the truth of the matter.

Banks charge us double, triple and charge sky high Interest rates and then get in trouble and "WE" gotta bail them out. How is it the honest people always gotta pay for other people's mistakes ?? :cus:

You need to change banks. Mine doesn't charge me double, much less triple for anything. The interest rate on my mortgage is a bit higher than today's rates, but it is certainly a fair one.

As to knowing "the truth of the matter" regarding the tax issues, their is no truth of the matter. It's like the old baseball story of umpire Bill Klem. He once waited a long time to call a particular pitch. "Well, is it a ball or strike," the player asked impatiently. To which Klem replied, "Sonny, it ain't nothing 'til I call it" Well in this case, there ain't no truth until the various legal hurdles on both sides have been completed. :shrug:

As to it's impact on owners, I tend to agree with Swrinfla, who often shows flashes of pure brilliance -- it's her background -- this is a non-issue.



`

[Cassie325]

:beer3:

Cheers to Munchle and swrinfla!!!

:beer3:

[JohnN]

everyone has an opinion, mine is that it's much ado about nothing ,
a journalist and newspaper need sensationalism to sell papers.

TV went through the exact same scenario a few years back and it was tossed.

Read the thread by the property association president, I think that put it in good perspective.

[collie1228]

I'm happy to hear that so many people on this board are convinced this is much ado about nothing. I sincerely hope you are right. But hope just ain't good enough for me. I have plans to buy in TV in the next 2-3 years, but I am budgeting a minimum of $1,000.00 in personal lawyer's fees so I can have some assurance before I buy - and I need something more than "much ado about nothing".

[Russ_Boston]

I don't think 1K in lawyer money is going to have him/her solve something that much higher priced talent isn't sure of.

If you want just wait until the final ruling to see the impact (if any) and then make your move. I'm in the same timeframe as you and that's my plan. But I would bet that it will be status quo!

[Advogado]

The Property Owners' Association is watching this matter. Any publicly available information concerning developments will be reported at the monthly meetings and in the POA Bulletin.

[KayakerNC]

I don't think 1K in lawyer money is going to have him/her solve something that much higher priced talent isn't sure of.

If you want just wait until the final ruling to see the impact (if any) and then make your move. I'm in the same timeframe as you and that's my plan. But I would bet that it will be status quo!

:agree:

[collie1228]

My need for a lawyer is for advice - not to have him fix anything. I know enough about this situation to know that I can't make an informed decision, and I'll need some good advice. A couple hours of having a lawyer read the published data can't hurt.

[Advogado]

Collie, the problem that you face is that the material is so voluminous and complex that no lawyer is going to be able to read it in a couple of hours. Furthermore, even after reading it, he won't be able to really understand it understand it unless he is an expert in Florida CDD law, municipal bond law, and the federal tax law concerning municipal bonds. I'm not sure that any single attorney is.

My view of the practicalities of the situation: In the end, this whole thing could prove serious for homeowners (in terms of problems with the VCCDD's being able, financially, to deliver amenities). On the other hand, it might turn out to be pretty much a nonevent-- if the VCCDD prevails. Or, one can imagine some in-between scenarios.

In considering whether to purchase a home here, remember: anytime you buy in Florida (or any place else), you face risks. Buy in The Villages, you have reduced risk of hurricane damage, plus a great lifestyle. Hey, you're not going to live forever. Enjoy life while you can. Things will probably work out in the end (remember, the VCCDD can only tax within its borders-- and the property there is pretty much all owned by the Developer).

But if you buy here, join, and become active in, the Property Owners' Association. If this IRS thing goes the wrong way, I think that the POA will be key in representing the residents' interests as things get sorted out. It is the only organization that can, and will, try to look after our interests.

[collie1228]

That's probably pretty good advice, Avogado. I've already drunk the kool-aid, so I've convinced myself that TV is the place for us. I'm betting that if the IRS situation is not resolved in a reasonable time frame, and if it stays in the news, there will be lots of people joining the POA. Strength in numbers, I guess.

[ChattanoogaTn]

Without going into any great detail, let me just say this:

"This is a non-issue!"

The IRS questioned The Villages bond status 5-6 years ago and ws satisfied. Why they're questionning again is subject to a variety of interpretations, but the bottom line is:

"This is a non-issue!"

SWR

This is a "PM" that I received today..... Still confused...:shrug:

Hey there, I am in the same boat you are, love the Villages and want to move there. But, my cousin is an IRS agent in Atlanta. He has read the reports and I can tell you what he told me. This is not an non issue as some of these people on this forum would have you believe. This is serious stuff and it's not going to go away. What happened 6 years ago has no bearing on what is going on now. The IRS does'nt take kindly to a CDD type of government issuing tax exempt bonds when they are not eligible to be exempt. Gary Morse, the developer had pulled some real shenanigans. The property appraisers by law in florida are supposed to be independent of the developer but Gary Morse hand picked his cronies as property appraisers so do you think it's possible the Villagers paid a little too much for their homes? You should read the articles by Lauren Ritchie. Go to www.orlandosentinel.com,,on the left side click on columnists,,,then click on Lauren Ritchie and read her articles about the Villages. A few of them came out about a month ago and just this past week. This IRS issue could drag on for a while with appeals if the IRS rules against the Villages. But for some people to say this is a non issue is sadly mis-informred

[Bogie Shooter]

This is a "PM" that I received today..... Still confused...:shrug:

Hey there, I am in the same boat you are, love the Villages and want to move there. But, my cousin is an IRS agent in Atlanta. He has read the reports and I can tell you what he told me. This is not an non issue as some of these people on this forum would have you believe. This is serious stuff and it's not going to go away. What happened 6 years ago has no bearing on what is going on now. The IRS does'nt take kindly to a CDD type of government issuing tax exempt bonds when they are not eligible to be exempt. Gary Morse, the developer had pulled some real shenanigans. The property appraisers by law in florida are supposed to be independent of the developer but Gary Morse hand picked his cronies as property appraisers so do you think it's possible the Villagers paid a little too much for their homes? You should read the articles by Lauren Ritchie. Go to www.orlandosentinel.com,,on the left side click on columnists,,,then click on Lauren Ritchie and read her articles about the Villages. A few of them came out about a month ago and just this past week. This IRS issue could drag on for a while with appeals if the IRS rules against the Villages. But for some people to say this is a non issue is sadly mis-informred
You said a lot but really said nothing. All this has been said over and over.....it is all opinion. If you listen to the President of the POA and the response from TV in the Recreation News....it is too early to speculate. Why get all hyped up over something that is a long way from being concluded?

[Russ_Boston]

This is a "PM" that I received today..... Still confused...:shrug:

Hey there, I am in the same boat you are, love the Villages and want to move there. But, my cousin is an IRS agent in Atlanta. He has read the reports and I can tell you what he told me. This is not an non issue as some of these people on this forum would have you believe. This is serious stuff and it's not going to go away. What happened 6 years ago has no bearing on what is going on now. The IRS does'nt take kindly to a CDD type of government issuing tax exempt bonds when they are not eligible to be exempt. Gary Morse, the developer had pulled some real shenanigans. The property appraisers by law in florida are supposed to be independent of the developer but Gary Morse hand picked his cronies as property appraisers so do you think it's possible the Villagers paid a little too much for their homes? You should read the articles by Lauren Ritchie. Go to www.orlandosentinel.com,,on (http://www.orlandosentinel.com,,on) the left side click on columnists,,,then click on Lauren Ritchie and read her articles about the Villages. A few of them came out about a month ago and just this past week. This IRS issue could drag on for a while with appeals if the IRS rules against the Villages. But for some people to say this is a non issue is sadly mis-informred

If they read this forum at all they know that everyone is well aware of Ms. Ritchie's columns and in fact she has written her own posts on TOTV. Personally I'm a couple of years off so I guess I can wait out the ruling and decide from there. But I think the state of FLA has too much vested interest in the way that these districts are set up to upset the apple cart at this point.