Tax time again

[Tom Hannon]

Whippeee. Tax time of year. My question: In Buttonwood my bond is $23,000. Is that considered taxes or a non entry. In otherwords, can I write off the bond money I pay each year?

[skip0358]

The only legal way to claim the bond is to take out an equity loan and then claim the interest. So I was told by several people including my tax guy.

[Bill-n-Brillo]

Whippeee. Tax time of year. My question: In Buttonwood my bond is $23,000. Is that considered taxes or a non entry. In otherwords, can I write off the bond money I pay each year?

Hi Tom - Here's a previous thread on the same topic that contains some good feedback: https://www.talkofthevillages.com/forums/showthread.php?t=33170

Hope that helps! :)

Bill

[Tbugs]

Tom, that is a big negatory, good buddy. The IRS does not allow such a deal to write off interest on the bond.

Buying a resale with very low or non-existent bond would have been better financially.

Anyhow, living in The Villages makes the paying worth-while, doesn't it?

[Tom Hannon]

Anyhow, living in The Villages makes the paying worth-while, doesn't it?

I'm not complaining. Just looking for the best bang for my buck. My wife and I's salary is now 1/3 what it was before. And now we have two houses to support. Just have to watch our $$

[Tbugs]

Tom,

I apologize if I had the wrong tone in my posting to you. Just look forward to the day when you can move permanently to The Villages and start being a frog. It is a wonderful feeling.

[Tom Hannon]

I saw no negitive in your post. I was just dreaming that maybe we could save some on taxes. I figured "The Villages was heaven and God would have some clout with the IRS."

[bike42]

If you can spend 6 months here -- become a Florida resident and have no state income tax.

[Bill-n-Brillo]

The only legal way to claim the bond is to take out an equity loan and then claim the interest. So I was told by several people including my tax guy.

Hey Tom, this might make the best sense for you. I'd suspect the interest rate would be lower than whatever it is on the bond at present, though most home equity loans have a variable interest rate, I believe.

Bill

[LI SNOWBIRD]

I saw no negitive in your post. I was just dreaming that maybe we could save some on taxes. I figured "The Villages was heaven and God would have some clout with the IRS."

I don't think even God has clout with the IRS.:sing:

[Tom Hannon]

I don't think even God has clout with the IRS.:sing:

WOW! I figured God had seniority and he or she , whoever or whatever it is, would be able to overrule the taxman.

[dfn8tly]

As the others have advised you, no deduction. The bond is considered an "assessment" not a tax.