Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   IRS Inquisition (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/irs-inquisition-16517/)

ladykathleen 09-09-2008 02:45 AM
Re: IRS Inquisition
 
This is great, finally and it took the IRS, to question the business practices of the developer. People, we are paying and paying and paying. No pyramid scheme on earth could not have done a better job of "robbing" us of our money. Would I have moved here if I had "read everthing about the government here, of course not. I would have lived outside the villages in a great big house for less money and pretended to be someones relative and would have all the benefits of living here.

Am I being negative about this Great Big Daddy developer , you bet. Nothing about fair business practices here. I love the Villages, moved here six years ago and believed what we were sold which is not what we have today. Oh well buyer beware.

chelsea24 09-09-2008 03:20 AM
Re: IRS Inquisition
 
Here we go again! :edit:

Cassie325 09-09-2008 03:22 AM
Re: IRS Inquisition
 
Quote:
Originally Posted by chelsea24
Here we go again! :edit:
Never ends!! LOL!!! God Bless America!! and TV's....

Alex 09-09-2008 04:22 AM
Re: IRS Inquisition
 
Thanks for the post Peachie. Keep us informed. :bigthumbsup:

I know the Village commandment is "thou shalt not question the developer"! :(

Please know Ladykathleen that I appreciate your post and respect your right to post it. :agree:

graciegirl 09-09-2008 09:30 AM
Re: IRS Inquisition
 
Quote:
Originally Posted by villages07
This "inquisition" should not affect current Villagers directly.

The bond on a new house... the developer builds out the streets, sidewalks, etc and pays for it by issuing bonds. These bonds are bought by investors. These bonds are attractive to investors because they are (now) considered municipal bonds and the interest paid to the investor is tax free. If the IRS rules that the interest is not exempt from Federal Tax then the bonds might not be as attractive to investors to purchase. This might have the ripple effect of increasing the interest rate on future bonds to attract investors. This would affect future new home purchasers and is completely unrelated to current homeowners and their annual bond payment on their property tax bill.

Recreation bonds.... when an area is completed, the developer gradually sells the amenities in that area to the central CDD district. The Central CDD purchases the facilities by issuing bonds. The bonds are paid off by residents via a portion (about 60%) of their amenity fees. Same scenario as above....if the interest is not federally tax exempt, then future bonds might carry a heftier interest rate to attract investors which could lead to higher amenity fees.

All speculation as to future impacts. But, thanks for the link Peachie...something to keep an eye on.
Please know Village07 that I appreciate your post and respect your right to post it....Did you read that Alex?

graciegirl 09-09-2008 09:52 AM
Re: IRS Inquisition
 
Alex,

Questioning is one thing. Some peoples continued harping, criticism, ranting and raving and to me, illogical, seemingly mean spirited posts about the Morse family is another thing. Especially when that is the only topic I have read that some people seem to post an opinion on.

Makes me wonder if some people love the free art classes, enjoy riding around in their golf cart, like the well priced meals at the country clubs, participate in playing Bridge, Bingo, Bunko or Bocce? If some people breathe in the scent of the flowers blooming on the gorgeous foliage in the pristine landscaping beside every public throughfare and look down at the immaculate streets where there are no cigarette butts, chewing gum or scrap paper, if some people welcome the homes pole lights all coming on in unison or clap their hands to the music in the squares while watching the dancers. I suspect that some people don't enjoy the free golf and the free delightful interaction with thousands of their peers who don't look at their bulges, wrinkles, or cock an eyebrow at their creaking bones and graying hair.

It just seems that crabbing and complaining is the thing that some people find that "floats their boat."

islandgal 09-09-2008 10:02 AM
Re: IRS Inquisition
 
Gracie :agree:

They are the people who will find something wrong with every thing or every person they encounter. I am sure we all know a few....They are every where - not just TV unfortunately

ladykathleen 09-09-2008 11:53 AM
Re: IRS Inquisition
 
Thank you Alex.

Again I should not use a site (which for many people is little more than a "chat room " ) to attempt to alarm, however you are correct, I do have my right to post and as some are writing "crab, complain" if I so choose over and over. I love living here, still encourage people to move here though it seems now you don't need to live here to enjoy this place and its' amenities. Much has changed , not for the better and I for one and many others will be viligant so that we can continue to keep what we have left and possibility right some wrongs.

Peachie 09-09-2008 11:58 AM
Re: IRS Inquisition
 
Kathleen, as I noted in an earlier post, you seem desperately unhappy here and I don't quite understand why you don't move just outside The Villages and come into the town square every night for your entertainment. Think how much better you would sleep at night and if you purchased that long ago, you will make money on that investment. It would be a win-win for you. This is not said maliciously, it's just that you need to live with a lighter heart and enjoy your life.

Alex, there is no such commandment about questioning a legitimate concern in regards to the developer. There is a commandment that I do follow, "Thou shalt not bear false witness against thy neighbor", and that is the Christian guideline by which I try to live and applies to slandering and libeling the developer. These articles are presented for the interest of Village residents so they can remain aware, as they are now.

Helene2008 09-09-2008 11:58 AM
Re: IRS Inquisition
 
:agree: Gracie....can't wait to meet you in person.

Sidney Lanier 09-10-2008 02:18 AM
Re: IRS Inquisition
 
The posts on this thread seem to have gone way off topic. It started out with a news story about the IRS investigating the bond practices and questioning whether they are indeed 'tax-free municipal bonds.' Why 'inquisition,' though, just because the IRS is doing what the IRS does? But now the thread seems to have boiled down to bickering and 'personalities before principles.'

Villages07 is correct in explaining how municipal bonds work, followed by Niels' summary. We homeowners are not the bondholders (i.e., investors) that potentially can lose the plus of tax-exempt interest on the bonds; it is those individuals who invested in these bonds via the municipal bond market. And if the IRS does determine that the interest on these bonds should be taxable, then indeed the bonds will cost more because the interest rate will be less attractive.

It will then be up to the bond market to find its own level, which will not affect current homeowners. Future homeowners will have to decide for themselves how much they are willing to spend on their homes which, at least for all new construction, will include a more costly bond.

Nothing personal here; it's all business.

zcaveman 09-10-2008 02:59 AM
Re: IRS Inquisition
 
Thanks Sidney!! :agree: :agree: :agree: :agree:

Peachie 09-10-2008 03:16 AM
Re: IRS Inquisition
 
Hi, Sidney. I'm sending along a definition of inquisition, so you may understand why I included it in the title, "a period of intense questioning: a succession of detailed and relentless questions". The article indicates in the third paragraph many questions would be asked by the auditor. I simply posted this information so The Villagers not receiving the Orlando Sentinel would be completely aware of any issues pertaining to their communtity.

And thank you Villages 07 for the great imput!

Sidney Lanier 09-10-2008 03:57 AM
Re: IRS Inquisition
 
Peachie, your posting of the link to the Orlando Sentinel was a great idea, and the info in the article is much appreciated and is something we homeowners ought to be aware of. There is much info about our community out there that does not appear in the Daily Sun, a paper which serves a whole different purpose. Hope you'll be able to post the follow-up as we won't be here to get the paper. 'Inquisition' just struck me as a pretty strong word, as in 'Spanish Inquisition' which was assuredly more than 'a succession of detailed and relentless questions'....

Peachie 09-10-2008 04:01 AM
Re: IRS Inquisition
 
I didn't mean for it to come off that strong, Sidney. That title seemed simpler than, "the IRS is going to ask a whole lotta questions", lol. It was my first topic I posted and I thought I skwewed it up royally. Of course, it did take on a life of it's own, didn't it? :dontknow:

(And I will work on the followup to see if I can catch the link.)


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