Dr. Sievers' RHHC Medical Practice - Operations & Website

[Helper9693]

I was actually in the building that day, on the ground floor, at an appointment...just before the evacuation. Never saw or heard anything. Found out later when I got home and was reading WS...LOL

 

[irishchook]

This is a screenshot of the tax history of the practice:



https://www.leetc.com/ncp/search_de...axYear=2014&Account=BB00837707&Option=HISTORY

 

[creepingskills]

This is a screenshot of the tax history of the practice:

View attachment 83187

What, exactly, is being taxed?

 

[Lilibet]

What, exactly, is being taxed?

It would help if a link had been posted with the screenshot. I kept wanting to click on the blue highlighted years. And why are all the amounts since 2008 listed under "exemptions"? That being said, I'm not exactly savvy about this stuff.

 

[irishchook]

What, exactly, is being taxed?

I think it's the "shares" that have been mentioned in MSM.
http://www.naplesnews.com/news/local-news/teresa-sievers-estero-medical-office-to-close

 

[irishchook]

It would help if a link had been posted with the screenshot. I kept wanting to click on the blue highlighted years. And why are all the amounts since 2008 listed under "exemptions"? That being said, I'm not exactly savvy about this stuff.

Thanks. I've attached the link.

 

[Wyle_E_Coyote]

Real estate taxes. So the office was some sort of co-op arrangement where each member of the co-op was responsible for the taxes on their unit. And apparently they are eligible for a tax exemption... maybe in that local jurisdiction medical offices are exempt.

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[Satchie]

I think there are 2 separate things going on: tenants in the medical office building have leases, where they pay rent on the space. But in addition, they are all partners in the corporation that owns/operates the building, and they own shares in the building in proportion to the space they occupy. That way, their lease money is going to build their ownership in the building, similar to making mortgage payments on your house.

 

[creepingskills]

Real estate taxes. So the office was some sort of co-op arrangement where each member of the co-op was responsible for the taxes on their unit. And apparently they are eligible for a tax exemption... maybe in that local jurisdiction medical offices are exempt.

Sent from my SM-G900V using Tapatalk

JMO after checking out the link and seeing 'Tangible Property Information'. I think its a personal property tax (equipment, fixtures or furniture used in a business or for a commercial purpose).

Maybe IQuestion could weigh in here, but I think the 'exemptions' column reflects depreciation of the equipment over time?

 

[irishchook]

JMO after checking out the link and seeing 'Tangible Property Information'. I think its a personal property tax (equipment, fixtures or furniture used in a business or for a commercial purpose).

Maybe IQuestion could weigh in here, but I think the 'exemptions' column reflects depreciation of the equipment over time?

Good point. Also, it looks like the initial investment into the "firm" was around $30k?

 

[creepingskills]

Good point. Also, it looks like the initial investment into the "firm" was around $30k?

All JMO. I think $30k figure pertains to the value of the tangible property in the office space, items owned by TS, aside from and unrelated to the office space real estate deal.

The medical equipment, computer and furniture, I'm guessing, cost $30k in 2007 and a tax was paid. Subsequently, the exemption amount listed for the same asset(s) going forward is less every year. It depreciates, like a car value.

 

[irishchook]

All JMO. I think $30k figure pertains to the value of the tangible property in the office space, items owned by TS, aside from and unrelated to the office space real estate deal.

The medical equipment, computer and furniture, I'm guessing, cost $30k in 2007 and a tax was paid. Subsequently, the exemption amount listed for the same asset(s) going forward is less every year. It depreciates, like a car value.

Yes, I agree.

 

[irishchook]

All JMO. I think $30k figure pertains to the value of the tangible property in the office space, items owned by TS, aside from and unrelated to the office space real estate deal.

The medical equipment, computer and furniture, I'm guessing, cost $30k in 2007 and a tax was paid. Subsequently, the exemption amount listed for the same asset(s) going forward is less every year. It depreciates, like a car value.

Thanks for all of your input here. I know it is truly appreciated by most. Rather than giving in to rumors/drama, you seem to always keep it real. Much appreciated, creepingskills.

 

[KateB]

All JMO. I think $30k figure pertains to the value of the tangible property in the office space, items owned by TS, aside from and unrelated to the office space real estate deal.

The medical equipment, computer and furniture, I'm guessing, cost $30k in 2007 and a tax was paid. Subsequently, the exemption amount listed for the same asset(s) going forward is less every year. It depreciates, like a car value.

Yep - Explained by the tax collector here - https://www.leetc.com/taxes/tangible-property-taxes
Signage outside on the exterior is a tangible asset, also.

Shares, receivables, notes, other stock would be reported on the FL Intangible Tax Returns and paid to the state, not the county. S Corps & LLCs are exempt, I think. Any FL CPA's here?

 

[creepingskills]

Yep - Explained by the tax collector here - https://www.leetc.com/taxes/tangible-property-taxes
Signage outside on the exterior is a tangible asset, also.

Shares, receivables, notes, other stock would be reported on the FL Intangible Tax Returns and paid to the state, not the county. S Corps & LLCs are exempt, I think. Any FL CPA's here?

BBM. Great catch considering the signage was removed. I wonder if MS took the remaining assets with him, or turned them over to the medical building LLC to offset the outstanding amount owed? But, if TS purchased the assets individually, wouldn't they would be included in her estate? :thinking:

 

[creepingskills]

Thanks for all of your input here. I know it is truly appreciated by most. Rather than giving in to rumors/drama, you seem to always keep it real. Much appreciated, creepingskills.

:loveyou::blushing:

Thanks, irishcook! I really love the discussion here. I also love your name, I'm Irish but not a very good cook! :lepsmilie:

 

[KateB]

BBM. Great catch considering the signage was removed. I wonder if MS took the remaining assets with him, or turned them over to the medical building LLC to offset the outstanding amount owed? But, if TS purchased the assets individually, wouldn't they would be included in her estate? :thinking:

They could be leasehold improvements. The cost of the build-out of the interior of the rented space. Improvements, whether by a property owner or a leasee, can't be written off as an expense and must be depreciated. Then all depreciable assets have to be reported to the property tax collector. Those are usually always forfeited on move-out. Can't take the walls out, IMO.

ETA: Certain LH improvements are exempt, so nix that comment about the walls.
http://www.qpublic.net/franklin/tppfaq.html
6. Are leasehold improvements tangible personal property?

If an improvement is of a permanent nature that cannot be readily replaced, or if removing the improvement would cause substantial damage to itself or the real estate, it is NOT considered Tangible Personal Property. If the improvement can be easily removed without damaging itself or the real estate, then it is considered Tangible Personal Property

 

[creepingskills]

They could be leasehold improvements. The cost of the build-out of the interior of the rented space. Improvements, whether by a property owner or a leasee, can't be written off as an expense and must be depreciated. Then all depreciable assets have to be reported to the property tax collector. Those are usually always forfeited on move-out. Can't take the walls out, IMO.

ETA: Certain LH improvements are exempt, so nix that comment about the walls.
http://www.qpublic.net/franklin/tppfaq.html
6. Are leasehold improvements tangible personal property?

If an improvement is of a permanent nature that cannot be readily replaced, or if removing the improvement would cause substantial damage to itself or the real estate, it is NOT considered Tangible Personal Property. If the improvement can be easily removed without damaging itself or the real estate, then it is considered Tangible Personal Property[

BBM. Yep, I would assume anything that isn't bolted to the floor or came with the space, can be removed. A built-in of some kind, probably not. Improvements made by a tenant can be considered tangible personal property of the tenant and assessed to the tenant, not the real property owner.

I didn't study Property in Florida, but in my state, commercial property is assessed an annual property tax separate from personal property tax. When you think about it, the system makes sense. Ex. With a restaurant property, the real estate owner may rent the space to the business owner, who purchases all the equipment required to run a restaurant. Each year the business owner reports the value of the equipment (kitchen equipment, TVs, entertainment systems) in the county where the property is located, to determine if a tax should be assessed. Usually the tax is paid when the item is new.

 

[Lilibet]

:loveyou::blushing:

Thanks, irishcook! I really love the discussion here. I also love your name, I'm Irish but not a very good cook! :lepsmilie:

BBM

That makes two of us.

 

[FightTheOstrich]

Healthcare distributors (the guys that provide everything from exam tables to stethoscopes to syringes) often extend credit terms to practices. I wonder if everything is owned outright?