Thursday, August 30, 2018

Time to act is now

August 29, 2018
Island Reporter, Captiva Current, Sanibel-Captiva Islander
To the editor:
Dr. Michael Crosby, president and chief executive officer of the Mote Marine Laboratories - a biblical mote in your eye? - describes red tide as a long standing natural phenomenon and not necessarily related to agricultural fertilizer. This is only a part of the story.
Long before Europeans set eyes on Florida's southwest coast, there were thousands of bird rookeries. Bird guano fertilized red tide. Condominiums and luxury resorts have replaced the rookeries, but the crap, corruption and toxic chemicals that runs off fields, pastures, golf courses and residential developments is now the stimulus for red tide. Like many others, Dr. Crosby coyly uses the word "nutrients" instead of fertilizer. Beware, reader - always ask who finances scientific activities. Grant money from the government or industry can influence "scientific" results.
It is time for the captains, mayors, commissioners, scientists and the professional environmentalists to stop whining and start a boycott of Florida agricultural products. Even if the boycott didn't work, the publicity might shame the politicians and Florida's Commissioner of Agriculture Adam Putnam into enacting a state-wide ban on fertilizers until agriculture, the golf courses and developers build artificial wetlands to catch the runoff. Stop the excuses that it is "a problem," "difficult" and "it will take a long time." Put enough pressure on the politicians. If they stop holding out their hands for money from the sugar daddies, they could enact the legislation tomorrow. Don't let them wait for more decades. A bulldozer can scrape out a shallow holding pond, planted with native vegetation in a few days.
Septic tanks that leak into our waterways are another stimulus for green algae and red tide. If cities, like Captiva, refuse to develop systems for the disposal of sewage then force their citizens to install composting or incinerator toilets instead of passing their excrement into our waterways.
Get 'er done now, not in the next century.
John Raffensperger

Call me with any questions at (239) 560-1574 or Email me at:

There Are Tax Benefits With Home Ownership

There Are Tax Benefits With Home Ownership
Homeownership has always been the "great American dream". And Congress -- with one exception -- did not take it away when it passed the tax reform bill last December.
To foster and encourage this dream, Congress has consistently enacted -- or preserved -- tax legislation which favors homeowners. Indeed, much has been written that our tax laws discriminate against renters, by giving unfair and unequal tax benefits to those who own homes.
Every four years, some candidate for high political office tries to focus our attention on equalizing the tax laws, and repealing the homeowner benefits, but these arguments have consistently fallen on deaf ears.
For those of us who own homes, here is a list of the itemized tax deductions available to the average homeowner. Every year, you are permitted to deduct the following expenses:
Taxes. Real property taxes, both state and local, can be deducted. The one exception referenced above: tax filers can deduct on Schedule A any combination of state and local property taxes and income or sales taxes but only up to a total of $10,000. Interestingly, married couples who file their own separate tax return can only deduct up to $5000.
However, it should be noted that real estate taxes are only deductible in the year they are actually paid to the government. Thus, if in year 2018, your lender held in escrow moneys for taxes due in 2019, you cannot take a deduction for these taxes when you file your 2018 tax return.
.Mortgage lenders are required to send an annual statement to borrowers by the end of January of each year, reflecting the amount of mortgage interest and real estate taxes the homeowner paid during the previous year.
Mortgage Interest. Interest on mortgage loans on a first or second home is fully deductible, subject to the following limitations: acquisition loans up to $1 million, and home equity loans up to $100,000. If you are married, but file separately, these limits are split in half. But note that for new loans taken out after December 14, 2017, the limit on deductible mortgage debt is reduced to $750,000. Loans in existence prior to that date are grandfathered.
You must understand the concept of an acquisition loan. To qualify for such a loan, you must buy, construct or substantially improve your home. If you refinance for more than the outstanding indebtedness, the excess amount does not qualify as an acquisition loan unless you use all of the excess to improve your home. However, any other excess may qualify as a home equity loan.
Let us look at this example: Several years ago, you purchased your house for $150,000 and obtained a mortgage in the amount of $100,000. Last year, your mortgage indebtedness had been reduced to $95,000, but your house was worth $300,000.
Because rates were low last year, you refinanced and were able to get a new mortgage of $175,000. Your acquisition indebtedness is $95,000. The additional $80,000 that you took out of your equity does not qualify as acquisition indebtedness, but since it is under $100,000, it qualifies as a home equity loan.
Several years ago, the Internal Revenue Service ruled that one does not have to take out a separate home equity loan to qualify for this aspect of the tax deduction. However, if you had borrowed $200,000, you would only be able to deduct interest on $195,000 of your loan -- the $95,000 acquisition indebtedness, plus the $100,000 home equity.
One more caveat: the proceeds of a second mortgage -- or a home equity loan -- are still deductible but only if the money is used to substantially improve the property.
The remaining interest is treated as personal interest, and is not deductible.
Points. Because mortgage rates are still considerably low, not too many borrowers are paying points. When you obtain a mortgage loan, in order to get a lower rate mortgage, you would pay one or more points. Whether referred to as "loan origination fees," "premium charges," or "discounts," these are still points. Each point is one percent of the amount borrowed; if you obtain a loan of $170,000, each point will cost you $1,700. And the interest rate on your loan will be lowered.
The IRS has also ruled that even if points are paid by sellers, they are still deductible by the homebuyer. Points paid to a lender when you refinance your current mortgage are not fully deductible in the year they are paid; you have to allocate the amount over the life of the loan. For example, you paid $1700 in points for a 30 year loan. Each year you are permitted to deduct only $56.66 ($1700 divided by 30); however, when you pay off this new loan, any remaining portion of the points you have not deducted are then deductible in full.
Needless to say, if you have any questions about these tax benefits, discuss them with your financial and legal advisors.

Friday, August 10, 2018


REDUCED PRICE!!! $427,900

Built in 1998, this home has a perfect open layout, great for entertaining. 4 bedrooms, 2 bathrooms, stilt home construction. 2 boat lifts, one covered with a new $4,500 roof, just minutes to the Gulf of Mexico. The 1st Floor is comprised of 2 bays, one that is over 50 feet deep and the other that is 42 feet deep, including a sizable workshop area. Plenty of room to add a bedroom downstairs. 9' ceilings, tile floors throughout, central vacuum and hurricane shutters.The upstairs porch with Plexiglas windows has an incredible view of the intersecting canals and with steps leading to the downstairs screened porch and...The neighborhood is really, really nice! This property is being offered below the recent appraised value of $435,000. Please see all attached documents.

Housing Market In South Florida Ripe For The Picking

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