tax deduction on bond

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Closed Thread
Thread Tools
  #31  
Old 05-05-2012, 10:35 AM
slomoe1954 slomoe1954 is offline
Junior Member
Join Date: Jan 2012
Posts: 15
Thanks: 0
Thanked 0 Times in 0 Posts
Default Bond interest

Although the IRS Publications can be helpful, they can be misleading and are not authoritative. Treasury Regulations are authoritative. Here is what they say about interest on real property assessments.

[I]Reg §1.164-4. Taxes for local benefits.
Effective: Reg. §1.164-4 predates P.L. 99-514, 10/22/1986, the Tax Reform Act of 1986.

(a) So-called taxes for local benefits referred to in paragraph (g) of § 1.164-2, more properly assessments, paid for local benefits such as street, sidewalk, and other like improvements, imposed because of and measured by some benefit inuring directly to the property against which the assessment is levied are not deductible as taxes. A tax is considered assessed against local benefits when the property subject to the tax is limited to property benefited. Special assessments are not deductible, even though an incidental benefit may inure to the public welfare. The real property taxes deductible are those levied for the general public welfare by the proper taxing authorities at a like rate against all property in the territory over which such authorities have jurisdiction. (b) (1) Insofar as assessments against local benefits are made for the purpose of maintenance or repair or for the purpose of meeting interest charges with respect to such benefits, they are deductible. In such cases, the burden is on the taxpayer to show the allocation of the amounts assessed to the different purposes. If the allocation cannot be made, none of the amount so paid is deductible.[/I]


The local benefits referred to in paragraph (b)(1) are streets, sidewalks, and similar construction projects. Both repairs to and interest related to such local benefits are deductible according to the regulations. There is no requirement that the interest be related to the repairs.
  #32  
Old 05-05-2012, 11:03 AM
Mama C Mama C is offline
Member
Join Date: Aug 2010
Location: village of delmar
Posts: 89
Thanks: 2
Thanked 0 Times in 0 Posts
Default tax bond

just wanted to put my two cents worth in---one post was correct that the sales people for The Villages are not Realtors but sales people except. .....that only applies to new homes that The Villages sell---sales people who sell pre-owned homes for The Villages have to have a sales license
  #33  
Old 05-05-2012, 12:55 PM
buggyone's Avatar
buggyone buggyone is offline
Sage
Join Date: Aug 2011
Posts: 5,360
Thanks: 0
Thanked 0 Times in 0 Posts
Default

The bond is just one more of my reasons that a resale home is usually a better deal than a new home. I bought my resale about 3 years ago and basically have NO bond on it. Friends who bought new about the same have a $20,000 bond. Big difference!

Also, price negotiation is another big reason to buy a resale. In a new home, there is NO negotiation - sometimes a reduction if you can close very soon - but with a resale, there is always room to negotiate with the seller. If they are motivated, you may be getting a really excellent deal.

ALWAYS use both a Villages Property agent and an MLS agent. Neither can show each other's listings. It is not necessary to sneak around doing that. It is a common practice that is used by home buyers.
  #34  
Old 05-05-2012, 01:15 PM
graciegirl's Avatar
graciegirl graciegirl is offline
Sage
Join Date: Mar 2008
Posts: 38,139
Thanks: 2,822
Thanked 2,409 Times in 883 Posts
Send a message via AIM to graciegirl
Default

Quote:
Originally Posted by PatandBob View Post
Have to say I am very disappointed that the village realtor was misleading about these issue and a couple others. Wasn't necessary. We still would have bought - just gives me an uneasy feeling. If the truth wasn't told on these issues, what else am I going to be surprised about.
Did they fail to tell you about it or did they lie?
__________________
It is better to laugh than to cry.
  #35  
Old 05-05-2012, 01:39 PM
Bogie Shooter Bogie Shooter is offline
Sage
Join Date: Sep 2008
Posts: 14,380
Thanks: 2
Thanked 1,004 Times in 504 Posts
Default

Originally Posted by PatandBob
Have to say I am very disappointed that the village realtor was misleading about these issue and a couple others. Wasn't necessary. We still would have bought - just gives me an uneasy feeling. If the truth wasn't told on these issues, what else am I going to be surprised about.


Quote:
Originally Posted by graciegirl View Post
Did they fail to tell you about it or did they lie?
Always here to help you Gracie..........PatandBob probably forgot what was said since their post was dated March 2011.
  #36  
Old 05-05-2012, 10:22 PM
Fourpar's Avatar
Fourpar Fourpar is offline
Veteran member
Join Date: May 2008
Location: The Village of Mallory Square
Posts: 508
Thanks: 0
Thanked 0 Times in 0 Posts
Default

"My point was not to get into the nuts and bolts of Florida real estate licensing law. But, as you say, if the Villages salespeople have licenses, they are most like Real Estate Sales associate licenses, not the more rigorous Real Estate Broker licenses which I previously referred to. And, more importantly, there is a conflict of interest, as they are not working for you, the buyer, they are working for The Villages."

..No conflict under Florida Real Estate Law (FS475), They represent The Seller - TV. Too bad most buyers do not understand that up front.
__________________
Retired USAF - - Now a Mallory Square FROG!
  #37  
Old 05-06-2012, 06:14 AM
Tom Hannon's Avatar
Tom Hannon Tom Hannon is offline
Platinum member
Join Date: Jan 2010
Location: Buttonwood
Posts: 1,833
Thanks: 0
Thanked 3 Times in 2 Posts
Default

I just noticed Bill-n- Brillo have 3921 post. That means by the end of the day Bill should break the 4000 mark. Let me be the first to congratulate him.
__________________
East Meadow, Ronkonkoma.
Living in The Villages is like dying and going to heaven...without the dying part.
  #38  
Old 05-06-2012, 06:24 AM
Bill-n-Brillo's Avatar
Bill-n-Brillo Bill-n-Brillo is offline
Sage
Join Date: Sep 2010
Location: Granville, OH.....and TV snowflakes!
Posts: 6,909
Thanks: 0
Thanked 0 Times in 0 Posts
Default

Quote:
Originally Posted by Tom Hannon View Post
I just noticed Bill-n- Brillo have 3921 post. That means by the end of the day Bill should break the 4000 mark. Let me be the first to congratulate him.
Tom...........you really do need to get back on those meds, my friend!



Bill
  #39  
Old 05-06-2012, 06:47 AM
EdV's Avatar
EdV EdV is offline
Gold member
Join Date: Jul 2008
Location: Village of Stonecrest
Posts: 1,123
Thanks: 0
Thanked 0 Times in 0 Posts
Default

The term Realtor® is often misused as has been done throughout this thread. Here is the definition:

The term REALTOR® identifies a licensed professional in real estate who is a member of the National Association of REALTORS®. Not all licensed real estate brokers and salespersons are members of the National Association, and only those who are can identify themselves as REALTORS®.
  #40  
Old 05-06-2012, 07:08 AM
Gerald's Avatar
Gerald Gerald is offline
Senior Member
Join Date: Sep 2010
Posts: 352
Thanks: 0
Thanked 59 Times in 9 Posts
Default

If you really want the correct answer. Talk to a tax pro.
Closed Thread

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 06:17 AM.