IRS ruling

[Dreamer61]

First, i'm not asking for you to make a decision for me. I was accused of that last time I asked a question on this subject. To us this is a serious issue. We have a contract on a home in TV and are very excited about our purchase! I'm only asking if someone can explain to me what the worst case scenario could be with this ruling? I've read that the homeowners could be held responsible for the taxes. Which homeowners? Every homeowner in TV? Certain counties? I understand everyone is tired of this subject but for us new comers its needs to be discussed. So just asking....worst case scenario?? Thank you for your replies!

[mulligan]

It's the bondholders that are taxed. I don't see a problem, except that the developer may need to buy back the bonds and re-issue.

[graciegirl]

No one can assure you that you or any of us won't be affected. There are many who are opposed to the developer that will assure you that you will be affected.

I don't think so.

Just hit the search button and type in IRS. This has been discussed for five plus years. You will quickly see who takes what side but the truth is no one knows what will happen. Many of us have bought full knowing about this issue. I am surprised you haven't heard about it until now.

Here is a link to a page full of threads and dozens of opinions and that is what you will get unfortunately...just opinions. It is a very complicated issue but what it does not mean is that the developer is behind on his taxes.
https://www.talkofthevillages.com/forums/search.php?searchid=6465294

[Dreamer61]

Grace, no what's so ever disrespect! I'm not asking for assurance but facts. And I'm not interested in thousands of opinions of the past. I would like it if someone could give us the worst case scenario based on the current ruling. We've known of this issue for months now and decided to purchase anyhow. Thanks for your comment!

[TVMayor]

Fact #1, scenarios are no facts.
Fact #2, the current rulings do not include any penalties.

[Bogie Shooter]

Grace, no what's so ever disrespect! I'm not asking for assurance but facts. And I'm not interested in thousands of opinions of the past. I would like it if someone could give us the worst case scenario based on the current ruling. We've known of this issue for months now and decided to purchase anyhow. Thanks for your comment!

You and everyone else would like to know the answer. All you are going to get are the same rehashed opinions that are posted on TOTV.
Even the "sky is falling" Laren Ritchie, of the Orlando Sentinel, gives here opinion every 2-3 months.
The POA has even withheld an opinion on the conclusion, you can read all about it here
Property Owners, Association of Florida (http://www.poa4us.org/)

[OpusX1]

I do not believe there is a precedent to look back on so the truth is no one knows. Anything beyond that is a guess based on a opinion.

[Golfingnut]

Residents did not commit any wrong doing nor did we have financial benefit from the bonds in question; therefore, we will not be effected no matter what the IRS decides to do.

[Advogado]

Residents did not commit any wrong doing nor did we have financial benefit from the bonds in question; therefore, we will not be effected no matter what the IRS decides to do.
The situation is a little more complicated than you indicate. The potential impact on residents is explained here: http://poa4us.org/bulletins_files/bulletin200908.pdf

[graciegirl]

Dreamer...read all of the threads. There is a common thread among them and generally the same answers from the same people.

Surprisingly, one of the best explainers of the whole thing is EdvinMass or Edv. He lives in Stonecrest.

I don't know how he knows so much, but his posts are clearer than most on the subject.

[Warren Kiefer]

First, i'm not asking for you to make a decision for me. I was accused of that last time I asked a question on this subject. To us this is a serious issue. We have a contract on a home in TV and are very excited about our purchase! I'm only asking if someone can explain to me what the worst case scenario could be with this ruling? I've read that the homeowners could be held responsible for the taxes. Which homeowners? Every homeowner in TV? Certain counties? I understand everyone is tired of this subject but for us new comers its needs to be discussed. So just asking....worst case scenario?? Thank you for your replies


Worse case ; The developer ducks his moral responsibility in accordance the IRS ruling and We the Villagers have to pay that amount ruled ineligible.