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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: ChanceIs who wrote (85206)	8/14/2007 12:41:18 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 306849

"I think they were looking at such payments as income or otherwise disallowing them as a deduction for the builders." My understanding is they are still investigating Beazer Homes for this, and at least one other home builder (KBH comes to mind but not sure about that).

To: ChanceIs who wrote (85206)	8/14/2007 12:48:16 PM
From: jrhana	Read Replies (1) \| Respond to of 306849

< I suppose that IRS will have its sights on the real estate industry for a while> Not to mention the plaintif's bar. <For the tenth time - mortgage insurance will get very interesting> Anyone have a list handy?

To: ChanceIs who wrote (85206)	8/14/2007 9:06:43 PM
From: John Vosilla	Respond to of 306849

'I suppose that IRS will have its sights on the real estate industry for a while. Plenty of opportunity and motivation for fraud these days. And plenty has occurred in the last few years especially WRT mortgage applications.' IRS will go after people who committed crimes or own them a lot of money that have serious equity. I vividly remember during the S&L fiasco many went under or just disappeared. Others too big to hide were prosecuted to the fullest extent and made scape goats like Leona Helmsley or high ranking executives of the worst S&L disasters like Centrust Bank. For most properties eventually any interest by the IRS would be cleared from title via a foreclosure or tax deed sale.. Usually IRS has 120-180 days after the government auction to pay off the new owner and take title. The self cleansing mechanism of a RE downturn is something to behold. If it wasn't then almost any property today would have some cloud on title from either the great depression or RTC days..