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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 Notice of Proposed issue (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/irs-notice-proposed-issue-140919/)

dewilson58 01-28-2015 10:51 AM
Quote:
Originally Posted by capecoralbill (Post 1002529)
Hi,
All I care about but don't know is, ARE THE ANNUAL BOND AND MAINT NON ADVALOREM, items on my property tax deductible on the Federal Schedule A.
Thanks for any info. Bill
Some say yes and deduct.............others say, clearly not and don't.

Your tax person will have to determine prior to "him" signing. If you do it yourself......it's your call on your aggressiveness.

Bogie Shooter 01-28-2015 11:36 AM
Quote:
Originally Posted by jrosaltal1 (Post 1002430)
I am sorry that I do not understand this bond issue as it has gone on so long and has been hard for me to follow. The question I have is, does this affect the bond we pay for our house?
No.

Bogie Shooter 01-28-2015 11:39 AM
Quote:
Originally Posted by twoplanekid (Post 1002464)
I purchased a home in the Villages last December knowing that a court case concerning bonds was taking place. As it’s hard for non-attorney types to understand all of the implications, I would hope that this case is resolved in a manner that doesn’t negatively impact my investment and The Villages as a whole. That being said, I am interested in all comments about this issue except the deleted ones.

__________________________________________________ _________
Born Urbana, Il then Urbana, Ohio for over 60 years now-maybe Village of Lake Deaton
The comments that you read on TOTV are just opinions nothing more or nothing less.
Here are all the facts.........and you can form your own opinion.
Village Community Development Districts

golf2140 01-28-2015 11:39 AM
And the IRS is fair and impartial

janmcn 01-28-2015 11:40 AM
Quote:
Originally Posted by ROCKETMAN (Post 1002530)
Not sure the attorneys fees of one million are coming out of amenity fees. Would have to see some black and white info.
Potential impact of IRS decision on The Villages' tax-exempt bonds causing worries - Orlando Sentinel

In 2013, district officials said they have "spent $700,000 defending their position".

Sandtrap328 01-28-2015 12:30 PM
Quote:
Originally Posted by capecoralbill (Post 1002529)
hi,
all i care about but don't know is, are the annual bond and maint non advalorem, items on my property tax deductible on the federal schedule a.
Thanks for any info. Bill

absolutely not!!!

downeaster 01-28-2015 06:58 PM
Quote:
Originally Posted by jrosaltal1 (Post 1002430)
I am sorry that I do not understand this bond issue as it has gone on so long and has been hard for me to follow. The question I have is, does this affect the bond we pay for our house?
No.

Mr.Kris 01-30-2015 03:40 PM
Quote:
Originally Posted by Barefoot (Post 1002382)
I am thankful we have residents like Mr. Kris following this issue deeply, who can explain it to the rest of us!
Wish I could explain it, but I'm a spectator like the rest of the residents and all I have is an opinion, not professional advice. And all I have been asking for is others informed opinion.

My personal opinion is: (1) The IRS has a compelling position and it does not appear the IRS will let this go. (2) If the IRS prevails, see opinion number 1, someone will have to pay and that someone, and amount, has not been determined yet, only the issue of taxable/tax exempt has been addressed so far. (3) Everyone is in the mix for liability regarding taxes on these bonds, i.e. the holders of the bonds, the issuer/developer, and the residents. It appears to be a spider web of responsibilities. (4) I will live long enough that the results may, see opinion number 3, affect me. Remember, I said this is my personal opinion. I'm along for the ride like everyone else. And "what a long strange trip it's been."

TVMayor 01-30-2015 04:51 PM
Quote:
Originally Posted by Mr.Kris (Post 1003768)
Wish I could explain it, but I'm a spectator like the rest of the residents and all I have is an opinion, not professional advice. And all I have been asking for is others informed opinion.

My personal opinion is: (1) The IRS has a compelling position and it does not appear the IRS will let this go. (2) If the IRS prevails, see opinion number 1, someone will have to pay and that someone, and amount, has not been determined yet, only the issue of taxable/tax exempt has been addressed so far. (3) Everyone is in the mix for liability regarding taxes on these bonds, i.e. the holders of the bonds, the issuer/developer, and the residents. It appears to be a spider web of responsibilities. (4) I will live long enough that the results may, see opinion number 3, affect me. Remember, I said this is my personal opinion. I'm along for the ride like everyone else. And "what a long strange trip it's been."
Did you know a meeting takes place every Wednesday called Welcome Wednesday it is held at the District Office located at 984 Old Mill Run at 8:00 a.m.? At that meeting you can ask any question you want and Janet Tutt, district manager for the Villages Center CDD, or one of her staff will answer your question.

Mr.Kris 01-30-2015 07:33 PM
Quote:
Originally Posted by TVMayor (Post 1003810)
Did you know a meeting takes place every Wednesday called Welcome Wednesday it is held at the District Office located at 984 Old Mill Run at 8:00 a.m.? At that meeting you can ask any question you want and Janet Tutt, district manager for the Villages Center CDD, or one of her staff will answer your question.
Thanks. I did that in 2010. My questions were either discounted or dismissed out of hand. It wasn't an area the moderator was enthusiastic to discuss openly or in-depth. He was demonstrably uncomfortable with the subject when discussing the details. Since then my questions and research have turned into opinions. My opinions will either be validated or disproved as the IRS process runs its course. Either way I've learned a lot about the inner workings of The Villages through review of the publically available documents, and I hope to learn more. Very interesting.

Mikeod 01-30-2015 08:14 PM
Quote:
Originally Posted by Mr.Kris (Post 1003880)
Thanks. I did that in 2010. My questions were either discounted or dismissed out of hand. It wasn't an area the moderator was enthusiastic to discuss openly or in-depth. He was demonstrably uncomfortable with the subject when discussing the details. Since then my questions and research have turned into opinions. My opinions will either be validated or disproved as the IRS process runs its course. Either way I've learned a lot about the inner workings of The Villages through review of the publically available documents, and I hope to learn more. Very interesting.
I think the Welcome Wednesday program is new. Maybe 6 months old. Are you referring to the new villager welcome meeting that they put on for new residents?

Mr.Kris 01-31-2015 07:47 AM
Quote:
Originally Posted by Mikeod (Post 1003908)
I think the Welcome Wednesday program is new. Maybe 6 months old. Are you referring to the new villager welcome meeting that they put on for new residents?
I was referring to the CDD orientation.

JourneyOfLife 01-31-2015 09:03 AM
Is there any sort of defined exit plan, where the developer will release control of those CDDs?

Bonanza 01-31-2015 01:47 PM
We, The Residents, Want an Answer!
 
Quote:
Originally Posted by TVMayor (Post 1003810)
Did you know a meeting takes place every Wednesday called Welcome Wednesday it is held at the District Office located at 984 Old Mill Run at 8:00 a.m.? At that meeting you can ask any question you want and Janet Tutt, district manager for the Villages Center CDD, or one of her staff will answer your question.
Quote:
Originally Posted by Mr.Kris (Post 1003880)
Thanks. I did that in 2010. My questions were either discounted or dismissed out of hand. It wasn't an area the moderator was enthusiastic to discuss openly or in-depth. He was demonstrably uncomfortable with the subject when discussing the details. Since then my questions and research have turned into opinions. My opinions will either be validated or disproved as the IRS process runs its course. Either way I've learned a lot about the inner workings of The Villages through review of the publically available documents, and I hope to learn more. Very interesting.
Yes, it is very interesting and residents have been in a constant quest for information and not opinions,
of which we have a constant supply.

Perhaps it's time to present the question once again to Ms. Tutt at a Wednesday meeting,
and like a viper, not to let go until we get an answer, a real answer,
and not a beat-around-the-bush response.

I have "heard" that Morse has not paid one cent of the over $1,000,000 attorney fees for this IRS fiasco.
It is we, the residents, who have footed that bill.

That wouldn't surprise me in the least!

janmcn 01-31-2015 01:58 PM
Quote:
Originally Posted by trichard (Post 1004192)
It sounds like the Obama IRS is targeting the Morse family.

It was actually the George W Bush IRS that started the investigation in January 2008.


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