Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#31
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irs tax exempt bond
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 |
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#32
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JJ |
#33
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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
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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
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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
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#37
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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
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Pivo
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
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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
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#41
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#42
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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
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But the point about this being a good place to find out about these things is a good one. |
#44
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It must be my accent that is what I said. |
#45
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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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