Latest Development in the IRS Tax-Exempt-Bond Investigation

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  #31  
Old 07-30-2011, 08:49 AM
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I'm a wannabee and have a showing of my house this afternoon and can't wait to come to tv.
But after reading some of the comments be honest I have to think twice nowreason for is this.
Teir is a development near me that I am very familiar with, Their builder actually stole monies and scamed the subcontractors into cheating on the contents of the buildings they put up---so to make this short the irs sued the builder and got millions back but not enough and he went to prison just got out about six months ago and theirs found literaaly thousands of dollars in his home and he's back in jail again.
But what that did was cause the homeowners dues more than triple to take care of faulty building repairs they now have to fix and the homeowners are sueing the builder but their is nothing for them to get, so after eleven years thay cannot sell any of the homes because of the increase in dues and my friend whose mother in law had to relocate because of health problems is trying to sell her home for over a year now so they decided to just stop mortgage payments and lose the house.
I hope and pray this is not the same kind of problem at tv. because right now I can't wait to come down to tv.
If anyone feels this id the same situation down their please let me know
  #32  
Old 07-30-2011, 08:49 AM
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Originally Posted by Russ_Boston View Post
Yes, please present the 'worst case scenario' for us. In detail. When I've seen the numbers before, even if we had to foot the bill, it wasn't much per household. But I think many have argued that we wouldn't be stuck with the bill.

Thanks.
Russ: I have always considered you very informed. What do you think the worst, best, and most likely scenarios are?
JJ
  #33  
Old 07-30-2011, 09:37 AM
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My personal belief is that one can ignore reality and have it work against him/her or embrace it and have it work for you. since when is lengthy discussion such as with an important topic such as this a problem. I can tell by the nature of the posts that most are not acquainted themselves with the the detailed allegations in the IRS filings. I do not suggest that the IRS is correct but knowledge is power. So find out what this dispute is really about in detail.

I do not intend to sell my home and so I agree with others and do not view it as an investment as I did when moving around the country.

The issue for me is based in the wording of the IRS filings. It leaves me to ponder about many things. If the IRS prevails but not against the Developer then who will the IRS look to for repayment?

I do not know to whom nor do I know the amount but based on what is to have allegedly occurred, I will be livid if I am left with paying one red cent on top of what I pay now for the priviledge of living here.

I will continue my exploration of this issue in an unemotional and business-like manner. I do not believe the sky is falling. I do not believe it is an issue that should prevent folks from buying here. But I do believe in preparing myself, for weighing my options and for making a plan

Please search out the details of this debate. Ask questions when attending your Homeowner Association, the Amenities Advisory Commitee, District Meetings, etc. Two last points. Whenever someone rsponds to my question with "Don't even worry about it", then that's when I begin to worry because that is an artful dodger at work. Finally we are a part of this and we have a right to know...all of us.
Has the IRS asked the Developer for any kind of a settlement? NO!

Has the IRS asked any resident for any kind of a settlement? NO!

Do you think one day the IRS is going to show up at the resident’s door and say this is an IRS give me $10,000. I don’t think so.

For three years the IRS has had one target, Team Tutt AKA VCDD. What does the IRS want? Money what they always want and a stop to tax free bonds.

And when the IRS offender does not have the money to pay the IRS what happens then? The IRS says we will then take your property and auction it off to settle your debt. That property is the property that the VCDD allegedly wrongfully sold tax free bonds to purchase from the developer at an allegedly high price.

How do you stop tax free bonds? Redeem them, buy them back, with what money?
  #34  
Old 07-30-2011, 09:38 AM
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Originally Posted by pivo View Post
I'm a wannabee and have a showing of my house this afternoon and can't wait to come to tv.
But after reading some of the comments be honest I have to think twice nowreason for is this.
Teir is a development near me that I am very familiar with, Their builder actually stole monies and scamed the subcontractors into cheating on the contents of the buildings they put up---so to make this short the irs sued the builder and got millions back but not enough and he went to prison just got out about six months ago and theirs found literaaly thousands of dollars in his home and he's back in jail again.
But what that did was cause the homeowners dues more than triple to take care of faulty building repairs they now have to fix and the homeowners are sueing the builder but their is nothing for them to get, so after eleven years thay cannot sell any of the homes because of the increase in dues and my friend whose mother in law had to relocate because of health problems is trying to sell her home for over a year now so they decided to just stop mortgage payments and lose the house.
I hope and pray this is not the same kind of problem at tv. because right now I can't wait to come down to tv.
If anyone feels this id the same situation down their please let me know
If I fully understand what you outlined in the Tier issue it is not quite the same issue as in TV.

You may want to speak with the sales reps at TV or perhaps the Presidents of the Villages Homeowners Association or the Property Owners Association for further information to ease any concerns you might have. Residents have found both Homeowner organizations to be helpful and accomodating
  #35  
Old 07-30-2011, 10:23 AM
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The IRS mission is to collect taxes, and if they determine that the bonds sold were not eligible for tax free status, it seems to me that their recourse is against the buyers of the bonds that did not pay taxes on the interest earned. If that came to pass, the bond buyers would then sue the bond sellers to recover their losses. That would be a very long lawsuit, and would draw in all the players that had a hand in creating and marketing the tax free bonds, including the developer, bankers, accountants and investment advisers. If it was found that the VCDD acted in good faith in selling the bonds, they would be the least culpable in this cast of characters.

Anyway, that's the way I see it.
  #36  
Old 07-30-2011, 10:41 AM
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Originally Posted by nitehawk View Post
for all of you Laura Richards haters - if it were not for her original articles we would nothing if anything about the irs tax-exempt bond investigation - this is probably the first mention of the investigation in the daily sun. i just looked back at some of old post on Laura Rchards -- she is a villager hater - she is jealous - she is not a journalist - on an on - well i would like to thank Laura Richards - i dont think anyone would know there was an investigation before her article - more kool-aid mom
Who is Laura Richards??
  #37  
Old 07-30-2011, 10:53 AM
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Originally Posted by RVRoadie View Post
The IRS mission is to collect taxes, and if they determine that the bonds sold were not eligible for tax free status, it seems to me that their recourse is against the buyers of the bonds that did not pay taxes on the interest earned. If that came to pass, the bond buyers would then sue the bond sellers to recover their losses. That would be a very long lawsuit, and would draw in all the players that had a hand in creating and marketing the tax free bonds, including the developer, bankers, accountants and investment advisers. If it was found that the VCDD acted in good faith in selling the bonds, they would be the least culpable in this cast of characters.

Anyway, that's the way I see it.
That would be my understanding of the issues as well. We do have people on this forum who have given their professional opinion on the bonds since that is what they do (did) for a living. Please search past posts on this issue and you'll see all sides and opinions.

It would actually be in the best interest of all current TV homeowners to get this issue settled sooner than later. That way the developer has more of a stake while there are still many thousands of homes to sell. But either way I would think the average homeowner in TV will be minimally affected if at all. But what the heck do I know
  #38  
Old 07-30-2011, 11:44 AM
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Pivo:
Your story is the living finacial hell we all could go thru. I am certain this will drag out for years. Most of us will not live to see this settled. I consider my home here an investment. If I don't I should just rent. Many others consider there home here the same. If not we would have majority renters. There are many many wealthy people here. However there are also a great number of us that try to invest wisely. To improve and sustain our place in life. I personally would not cherish the thought of having to take large hit because of someone trying prosper on the backs of the home owners. When the IRS takes out after someone they usually win.
I would never ask a village sales person or the home owners association that is affiliated with the management. They are just trying to earn a living and will spew the same dog an pony show that management has instructed them to.
When there is a smoke screen like we are getting there is usually fire!
  #39  
Old 07-30-2011, 11:57 AM
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Originally Posted by RVRoadie View Post
The IRS mission is to collect taxes, and if they determine that the bonds sold were not eligible for tax free status, it seems to me that their recourse is against the buyers of the bonds that did not pay taxes on the interest earned. If that came to pass, the bond buyers would then sue the bond sellers to recover their losses. That would be a very long lawsuit, and would draw in all the players that had a hand in creating and marketing the tax free bonds, including the developer, bankers, accountants and investment advisers. If it was found that the VCDD acted in good faith in selling the bonds, they would be the least culpable in this cast of characters.

Anyway, that's the way I see it.
Thank you for putting some common sense into this.

The bigger threat to us is the national debt that those power-addicted, money-squandering, glad-handing boobs of both parties are getting us into in Washington.
  #40  
Old 07-30-2011, 12:05 PM
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Pivo:
Your story is the living finacial hell we all could go thru. I am certain this will drag out for years. Most of us will not live to see this settled. I consider my home here an investment. If I don't I should just rent. Many others consider there home here the same. If not we would have majority renters. There are many many wealthy people here. However there are also a great number of us that try to invest wisely. To improve and sustain our place in life. I personally would not cherish the thought of having to take large hit because of someone trying prosper on the backs of the home owners. When the IRS takes out after someone they usually win.
I would never ask a village sales person or the home owners association that is affiliated with the management. They are just trying to earn a living and will spew the same dog an pony show that management has instructed them to.
When there is a smoke screen like we are getting there is usually fire!
I brought the IRS subject up to a TV sales lady that I had known for eleven years again 11 years and she had been in sales all that time. She told me that was very interesting and she had never heard anything about it. Another time I brought it up in conversation with a sales lady that I was talking to on a second occasion, she had no comment. Go figure.
  #41  
Old 07-30-2011, 12:15 PM
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Originally Posted by rubicon View Post
My personal belief is that one can ignore reality and have it work against him/her or embrace it and have it work for you. since when is lengthy discussion such as with an important topic such as this a problem. I can tell by the nature of the posts that most are not acquainted themselves with the the detailed allegations in the IRS filings. I do not suggest that the IRS is correct but knowledge is power. So find out what this dispute is really about in detail.

I do not intend to sell my home and so I agree with others and do not view it as an investment as I did when moving around the country.

The issue for me is based in the wording of the IRS filings. It leaves me to ponder about many things. If the IRS prevails but not against the Developer then who will the IRS look to for repayment?

I do not know to whom nor do I know the amount but based on what is to have allegedly occurred, I will be livid if I am left with paying one red cent on top of what I pay now for the priviledge of living here.

I will continue my exploration of this issue in an unemotional and business-like manner. I do not believe the sky is falling. I do not believe it is an issue that should prevent folks from buying here. But I do believe in preparing myself, for weighing my options and for making a plan

Please search out the details of this debate. Ask questions when attending your Homeowner Association, the Amenities Advisory Commitee, District Meetings, etc. Two last points. Whenever someone rsponds to my question with "Don't even worry about it", then that's when I begin to worry because that is an artful dodger at work. Finally we are a part of this and we have a right to know...all of us.
Good points. This is a very complex issue, and to say "Don't worry about it" is in my opinion, burying one's head in the sand. I've never heard of a salesperson informing potential buyers of the IRS issues, so I think that this forum is a good place for people to learn a little bit about what they may be buying into. Again, in my opinion, to deliberately withold that info is not being completely honest.
  #42  
Old 07-30-2011, 12:41 PM
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Good points. This is a very complex issue, and to say "Don't worry about it" is in my opinion, burying one's head in the sand. I've never heard of a salesperson informing potential buyers of the IRS issues, so I think that this forum is a good place for people to learn a little bit about what they may be buying into. Again, in my opinion, to deliberately withold that info is not being completely honest.
If you or I sell a house in Florida we will have to fill out a form called “Seller’s Real Property Disclosure Statement” . Questions like question #1a. Are you aware of existing, pending, or proposed legal actions, claims, special assessments, ……..affecting the property. If yes explain……

In my thinking if I sell my house in TV and I do not answer #1a. with IRS, grounds would exist for a civil suit against me for damages. Note I am not a lawyer.

If anything changes on this form you must inform your buyer of the change in 5 days.

If I am obligate to provide this information TV should also.
  #43  
Old 07-30-2011, 03:43 PM
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If you or I sell a house in Florida we will have to fill out a form called “Seller’s Real Property Disclosure Statement” . Questions like question #1a. Are you aware of existing, pending, or proposed legal actions, claims, special assessments, ……..affecting the property. If yes explain……

In my thinking if I sell my house in TV and I do not answer #1a. with IRS, grounds would exist for a civil suit against me for damages. Note I am not a lawyer.

If anything changes on this form you must inform your buyer of the change in 5 days.

If I am obligate to provide this information TV should also.
I hear what you are saying Shadow but isn't the property in question the special CDD's? not individual property? And TV development at this point is not under any proposed legal action even for this issue. Right?

But the point about this being a good place to find out about these things is a good one.
  #44  
Old 07-30-2011, 04:28 PM
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I hear what you are saying Shadow but isn't the property in question the special CDD's? not individual property? And TV development at this point is not under any proposed legal action even for this issue. Right?

But the point about this being a good place to find out about these things is a good one.
“I hear what you are saying Shadow but isn't the property in question the special CDD's? not individual property?”

It must be my accent that is what I said.
  #45  
Old 07-30-2011, 05:04 PM
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“I hear what you are saying Shadow but isn't the property in question the special CDD's? not individual property?”

It must be my accent that is what I said.
You did? Sorry, I still don't see special CDD in your quote.

I'm a little slow today could you highlight where you said that in the piece I quoted from you?

My point is that the property in question on the IRS issue is the special CDD's not our property. That sellers' form is about the property in question. No?
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