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NealT
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 Posted: Tue May 18, 2004 7:18 pm Post subject: Extreme Home Make-Over
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Anyone wanting to submit me for an Extreme Home Make-over...DON'T. I don't think I could stand it after seeing all the remarkable work they are doing on the houses they are doing... 
Anyone else like the show? 
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etee
The Me
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Posted: Wed May 19, 2004 1:18 pm Post subject:
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Another reason to not have your home "featured"... apparently, there is a little issue of owing the IRS taxes for the value of the renovations -- the show thought they had a way around it, but some of the homeowners are having to sell their houses to pay the taxes 
Not a good thing, especially given that they have been using cash-strapped homeowners in an effort to help them 
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BobCat
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Posted: Wed May 19, 2004 8:33 pm Post subject:
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| etee wrote: |
| there is a little issue of owing the IRS taxes for the value of the renovations -- the show thought they had a way around it, but some of the homeowners are having to sell their houses to pay the taxes
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I would have guessed a gift would be tax free to the recipient, but looks like the IRS doesn't think it is a gift.
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NealT
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Posted: Thu May 20, 2004 9:29 am Post subject:
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Well, I don't know how to take this one...you see, the increase in value could and I think SHOULD be deferred until such time as they realize a gain through the SALE of the house. They would have no basis in the increased valuation, and therefore they would have to foot the bill for the taxes then.
Perhaps what is going on is an increase in property tax value and therefore increase in property taxes? now THAT would make some sense to me...
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BobCat
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Posted: Tue Jun 15, 2004 9:03 am Post subject:
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| NealT wrote: |
Perhaps what is going on is an increase in property tax value and therefore increase in property taxes? now THAT would make some sense to me... |
Agreed. I didn't think the tax problem would be attributed to the IRS.
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NealT
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Posted: Thu Sep 30, 2004 9:41 am Post subject:
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Anyone seen the 2 hour premier for the season? Geez...what a job that contractor did...a 2 story from ground up in 6.5 days...(actually 5.5 days working time) even with a gas line rupture...
I wish I had a house of 4600 square feet...that's for sure...
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BobCat
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Posted: Thu Sep 30, 2004 1:23 pm Post subject:
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When they work that fast, I'd be concerned about quality.
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NealT
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Posted: Tue Oct 12, 2004 4:28 pm Post subject:
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Three weeks into the season...
Three complete tear down and rebuilds.
Three georgous places...
But I have to say I am very glad I do not have the troubles those families had to qualify them...very but-wrenching stories...
And as for quality...I am not so sure...I mean when you have 1,100 people working an average of 13 hours on the project...that is enough man-hours to make sure it is done right...and I am not sure Sears (a major sponsor) would put their reputation on this with shoddy workmanship.....
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BobCat
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Posted: Wed Oct 13, 2004 10:37 am Post subject:
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I managed to watch one, and it is nice what they do, but I doubt they'll pay the taxes for them.
Suppose the house now is so expensive (tax wise) that they can't keep it? Or maybe it will be in the future? What would be the point?
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NealT
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Posted: Wed Oct 13, 2004 3:51 pm Post subject:
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Perhaps they even found a way around it?
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etee
The Me
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Posted: Wed Oct 13, 2004 5:08 pm Post subject:
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I think they had talked about a lease deal during the show, which would somehow be enough to pay the tax bill. For ongoing property taxes, I don't know - but in California, Prop 13 freezes the taxes until the property is sold, IIRC.
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BobCat
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Posted: Thu Oct 14, 2004 10:03 am Post subject:
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That's great for California, but each state has their own laws.
I think they should set up a fund that is used to pay their property taxes as long as they're in there.
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etee
The Me
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Posted: Thu Oct 14, 2004 1:07 pm Post subject:
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Actually, it freezes the tax RATE. You still have to pay the taxes each year.
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-etee
"Supreme Commander of the Buffalo Wing, Spicey Chicken Cartel"
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BobCat
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Posted: Thu Oct 14, 2004 9:05 pm Post subject:
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| etee wrote: |
| Actually, it freezes the tax RATE. You still have to pay the taxes each year. |
Tax rate is not the problem. It is the taxable amount of the home's value that's the problem. It is the assessed value that needs to be frozen at the pre-remodeling value.
I doubt they'll do that, you know how hungry for revenue government is.
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etee
The Me
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Posted: Fri Oct 15, 2004 7:41 am Post subject:
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Actually, that is the figure that Prop13 freezes. The idea was to keep the taxes from forcing people out of their homes, as the value spiralled ever upward. And, yes, it has caused a "revenue crisis" in California.
IIRC, the person behind Prop 13 was the originator of the "II'm mad as hell too, Eddie" saying -- which was used as a campaign slogan by the Prop13 supporters.
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-etee
"Supreme Commander of the Buffalo Wing, Spicey Chicken Cartel"
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