Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#256
|
||
|
||
Quote:
__________________
Oldcoach Ed "You cannot direct the wind, but you can adjust the sails" "Be yourself - everyone else is taken" |
|
#257
|
||
|
||
The IRS position is that that developer charged the CDD (which he controlled) way too much money for some of the amenities. The CDD then sold Tax Free bonds to pay for them. Some people say the developer can charge as much money as he wants, "That's the American Way". The IRS argues not at the exspense of the US tax payer. If a contractor charges the Military $2,000 for a "toilet seat" is that obscene profits or "The American Way" If Bank of America charges an extra $5/month, is that morally wrong or the "The American Way" The bad thing is, the CDD has spend $200k defending the developer. Since we pay for the CDD, we are paying again. I just hope our "BENEFACTOR" does the right thing and puts this rest, so I can live 20 years in this beautiful place he gave us. Now I will have a glass of KOOL-AID!
|
#258
|
||
|
||
My wife and I are considering The Villages after a visit last year but I must admit that the IRS thing is an issue. What is most confusing is the lack of specificity on the potential impact to homeowners. I noted some $ amounts in earlier proposed settlements - $344 mil to repurchase the outstanding bonds and a $16 mil fine I think. Those figure can be used to assess costs to the the districts and determine the impact on homeowners. I bet it's been done already and it's not a pretty picture. Also, will homeowners have the right to sue the developer for damages if there is an unfavorable decision?
|
#259
|
||
|
||
Quote:
__________________
Oldcoach Ed "You cannot direct the wind, but you can adjust the sails" "Be yourself - everyone else is taken" |
#260
|
||
|
||
I'm going to re-post this question I asked in post #219 quite awhile ago. I don't think my question has been answered by anyone.....
Quote:
Quote:
|
#261
|
||
|
||
My very first post on this site was asking about this very IRS/developer situation. I was treated so badly that I left the site for several months. But in that time I managed to grow a very tough hide and decided to return because there is a lot to be learned here.
Some people post here with backgrounds that enable them to intelligently help us understand what's going on with the IRS. The real trick is identifying them from among the others who enjoy posting their opinions with no real facts to back them up. But as the chat goes on, it will become more and more obvious who is who. Or is that "whom?" I do love a good discussion, but let's try to be respectful to everyone's opinion. I know we can have a better, more intelligent discussion than our current presidential candidates! (both of them!) Best wishes to all.
__________________
Joanie's mom Pennsylvania, Ohio, The Villages So happy to be here! |
#262
|
||
|
||
You will no find any facts on TOTV unless someone is quoting from one of these sources. Those are the facts.
Village Community Development Districts All POA monthly bulletins. http://www.poa4us.org/ All HOA monthly bulletins. http://www.thevha.net/ ------------------------------------ Any following posts will be a rehashing from the other 250+ posts. Enjoy! |
#263
|
||
|
||
Anyone here, anyone, who thinks they have the answer is wrong. They are just guessing. No one on TOTV is going to know since the IRS themselves don't know so how the heck can we know. All I know is that I didn't worry about it when I purchased two years ago and I'm not going to worry about it now. Life's too short.
|
#264
|
||
|
||
Quote:
__________________
Oldcoach Ed "You cannot direct the wind, but you can adjust the sails" "Be yourself - everyone else is taken" |
#265
|
||
|
||
He has said that before! It is time to listen. Yes, Russ is a winner.
|
#266
|
||
|
||
Quote:
|
#267
|
||
|
||
If you want to have a "better, more intelligent discussion", it's advisable to leave out comparisons of political candidates.[/quote]
|
#268
|
||
|
||
Quote:
__________________
"It doesn't cost "nuttin", to be nice". MOM I just want to do the right thing! Uncle Joe, (my hero). |
#269
|
||
|
||
IRS bond issue
Quote:
|
#270
|
||
|
||
What We Do and Don't Know?
What we do know is that the IRS filed a Notice in January 2009 making inquiry concerning tax free bonds issued March 31, 2003 to Village Center Community Development District to make purchases of facilities and streams of income from the Villages Lake/Sumter, Inc (Developer) challenging both the status of said bonds as qualified for tax free status and also questioning the matter and methods of appraisal of said products and the stream of income. What we do know is that both the VCCDD and the Developer have denied such allegations and have been in an ongoing battle with the IRS from said filing date. What we do know is that all income from the district emanates from its residents and hence there is great concern/interest in this dispute as to its outcome. What we do know is that the IRS has been adamant and determined in its pursuit of this matter. What we do know is that information is provided by the VHA or POA . However what we do not know is that if the information provided by the VHA or the POA is in total an accounting of what is actually taking place as is received by them. In otherwords are they getting the full story? Also how much of a lag of time exists from negotiations until results are reported to the residents? What we don't fully know is why the IRS continues in its pursuit of this March 31, 2003 transaction nor the consequences if the IRS prevails? Personally, a brow furrows when a resident dismisses this issue out of hand. Certainly cooler heads prevail but this is one issue where it behooves us all to have our heads in the game. I opine others can decide. |
Closed Thread |
|
|