[Geewiz]

Originally Posted by jimbo2012

I have and get different opinion from each one I spoke to, do you think a $1300 deduction is what they are looking to audit.....with their staff they look at much bigger fish to fry I think.

The number of premier homes are in the minority lets stick with those of us this can effect most.

It's your choice to take it or not.

Jimbo - I totally agree - the one proviso is if they wanted to make a point with the developer - and now that would be cast as a crass political move and probably bring more grief than revenue. Two years ago - I'd be more wary...but, now - not a chance.

[buggyone]

Originally Posted by jimbo2012

Not sure why U keep saying 50K, all the designers R about 20K.

That monster is only about $100 a month

I realize you're pro resale but.....

Didn't I say that most of the homes are now in the $20,000 to $25,000 bond range with some going up to $50,000? Those in the $50,000 bond range are the premiers.

Lots of people have premiers and there are even whole communities that are all premier homes.

You were kind of misquoting me. Are you a FOX News writer? lol.

[jimbo2012]

What!!!! I work for CNN..................

[KeepingItReal]

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[Geewiz]

Bond? Yes, James Bond. I take my brunettes, shaken - not stirred. And on my Scottish soul, I only deduct my most interesting blonds. The redheads, I simply write off.

[gomoho]

I have a mortgage, but the interest rate is so low I have been using the standard deduction lately. Would welcome an opportunity to have more deductions.

[KeepingItReal]

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[justjim]

Originally Posted by Geewiz

As a former fed for 30+ years that worked closely with the IRS they only tend to focus on obvious, willful cheats. Close calls in law where a reasonable person could assume they were in compliance will not raise their concern - especially, if there are no other 'issues" with your returns. At worse, you might need to pay additional tax...the penalty and interest will be waived. And, it's not a sure thing that you can't deduct the interest. For the most part, this is too small of an issue for IRS to address unless they are going after a larger target - the whole Morse business structure which is more vexing than the issue of bond interest deduct-ability. Remember, you are dealing with an agency with limited resources...they focus on the important sentence and a couple of hundred dollars a year in deductions (that might be OK) isn't that sentence.

Geewiz: As a former Government employee I agree with you. Also, if you call the IRS on this and talk to 5 different agents you could get five different answers---none of them definite. This thread reminds me of some of the staff meetings I was in regarding the Federal regulations and "gray" areas that could be interpreted in a number of different ways----oh, what fun! If TV were a city and had put in all the infrastructure using a bond program they would have a city tax as part of your real estate tax bill and you could deduct the entire city tax. Of course we are not a city.......

[Bavarian]

Why not buy a bond on the market and use the tax free interest to pay off your bond. That way, you don't wipe out bond early that you can pass to buyer when/if you sell. Must look to see if they are subject to AMT.

[keithwand]

Originally Posted by Schaumburger

That is scary -- this agent said he had worked for TV for 10+ years. I wonder how many other people he has given this misinformation to?

If he is the same agent that we had then probably a lot!

[gomoho]

Originally Posted by KeepingItReal

You pay 100% in interest ($100.00) to get a possible 28% ($28.00) tax deduction. Better to pay $28 in tax than $100 in interest. Keep the remaining $72 in your bank account.

My point was I NEED more deductions 'cause my piddly interest on my mortgage doesn't cut it anymore, and no more kids to claim, or work expenses. So if I could come up with more deductions from something I already am paying for it would be a bonus.

[Challenger]

I have seen more bad financial advice on this thread than I have seen in one place for a long time.I hope that people take some of these posts with a grain of salt and seek advice from a reputable accounting with lots of experience in preparing taxes for Florida residents.

[gg]

Originally Posted by Schaumburger

I went to open house today on a 3 yr. old home that still had a fairly large bond balance. The TV sales agent told me that the interest portion of the yearly bond payment is tax deductible. Is this true?

This agent is telling you wrong.....what else is he telling you about the homes you are looking at...change agents.

[jimbo2012]

Originally Posted by gg

This agent is telling you wrong.....what else is he telling you about the homes you are looking at...change agents.

I really don't think you should say that with such authority, it is not a well settled issue.

There are many that think it is.

[KeepingItReal]

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