IRS Notice of Proposed issue

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  #16  
Old 01-28-2015, 10:51 AM
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Originally Posted by capecoralbill View Post
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.
  #17  
Old 01-28-2015, 11:36 AM
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Originally Posted by jrosaltal1 View Post
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.
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  #18  
Old 01-28-2015, 11:39 AM
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Originally Posted by twoplanekid View Post
I purchased a home in the Villages last December knowing that a court case concerning bonds was taking place. As its hard for non-attorney types to understand all of the implications, I would hope that this case is resolved in a manner that doesnt 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.

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  #19  
Old 01-28-2015, 11:39 AM
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And the IRS is fair and impartial
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  #20  
Old 01-28-2015, 11:40 AM
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Originally Posted by ROCKETMAN View Post
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".
  #21  
Old 01-28-2015, 12:30 PM
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Originally Posted by capecoralbill View Post
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!!!
  #22  
Old 01-28-2015, 06:58 PM
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Originally Posted by jrosaltal1 View Post
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.
  #23  
Old 01-30-2015, 03:40 PM
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Originally Posted by Barefoot View Post
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."
  #24  
Old 01-30-2015, 04:51 PM
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Quote:
Originally Posted by Mr.Kris View Post
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.
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  #25  
Old 01-30-2015, 07:33 PM
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Originally Posted by TVMayor View Post
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.
  #26  
Old 01-30-2015, 08:14 PM
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Originally Posted by Mr.Kris View Post
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?
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  #27  
Old 01-31-2015, 07:47 AM
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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.
  #28  
Old 01-31-2015, 09:03 AM
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Is there any sort of defined exit plan, where the developer will release control of those CDDs?
  #29  
Old 01-31-2015, 01:47 PM
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Angry We, The Residents, Want an Answer!

Quote:
Originally Posted by TVMayor View Post
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 View Post
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!
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  #30  
Old 01-31-2015, 01:58 PM
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Quote:
Originally Posted by trichard View Post
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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