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You are here: Home / News / Time for Another FelonsByBravo Update! IRS Puts $551K Tax Lien on Giudice Property

Time for Another FelonsByBravo Update! IRS Puts $551K Tax Lien on Giudice Property

November 18, 2015 by tamaratattles 45 Comments

teresalookssad

In heels of the Community Bank of Bergen County announcing that the Giudice’s have caught up on their mortgage payments on the Montville house and are no longer facing foreclosure we have more interesting news. According to Vicki Hyman of NJ.com, The IRS placed a $551K  tax lien on the property the day before the bank took them out of foreclosure.  By my calculations for the Giudices to have made up essentially a years worth of payments, that would have amounted to just under $130K without consideration of any late fees and fines.  Teresa paid $200,000 toward their IRS debt before she went in. The new attorney says that they have been making regular payments to the $414,000 in restitution and are on track (whatever that means).

Allegedly. Wells Fargo has some how garnished 25% of Tre’s Bravo wages until they are paid off whatever they are owed.

teresa-giudicemirrorTeresa’s plea deal states she must  pay $200,000 back to the IRS prior to her sentencing date of July 8, 2014 as partial satisfaction of her debt. If you recall, Teresa was late on the $200K because $150K of that the amount of her final Bravo check of the season (including interviews on WWHL) and she borrowed the other $50K from family. She was also required to refile all of her taxes from 2000 through 2011 with all necessary documentation. She was required to make necessary payments for all affected tax years prior to her sentencing date. In the event she is unable to make such payments in full, she must set up a mutually agreed upon plan with the IRS.

In the forfeiture section of Joe’s plea, there is  no agreement in the deal to pay the IRS any sum of money before his sentencing. He did have to refile/file taxes from 2000 -2011 and make those payments, or arrangements for a payment plan before sentencing.

So It looks to me like they owed $751K in total and Tre paid $200K  leaving the $551K in money still owed the IRS.  So the lien is on the house with maybe $300,00 in equity in now that they have recently paid $130k.  Actually, I think there is less than $300K in there.

So assuming Tre is not able to make the $10,679 mortgage payments on that house, plus whatever the payments are on the rental house, plus the utilities on that monstrosity which must cost at least $5K a month, plus state and federal income taxes for the 2016 year, plus property taxes, plus the car payment for whatever she is going to drive, plus all of her hair, makeup and shoes, oh and the entire tribe of children, the eventually the foreclosure process will start again. There won’t be enough for the IRS, so then they will come after her hair weave I presume. Unless the house is sold for more than they owe the bank (which is more than the house is worth by about a million dollars) this IRS lien means nothing for now.

Meanwhile, please turn into the next season of RHONJ to watch her eat off of Gucci plates and give her daughters diamond necklaces and designer prom dresses.

#FelonsByBravo

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Filed Under: News Tagged With: Entertainment, Entertainment News, Felons By Bravo, Foreclosure, IRS, Joe Giudice, Real Housewives of New Jersey, RHONJ, Teresa Giudice

About tamaratattles

Come for the tea. Stay for the shade. Not for the easily offended. You're a special snowflake just like everyone else.

Comments

  1. JoJoFLL says

    November 18, 2015 at 6:26 pm

    Yearly property taxes in New Jersey are insane. I bet they are at least $20,000 a year on that house.

    Whenever they sell that house, the IRS will seize the $551k from the sale before the bank gets the mortgage paid off.

    The feds will get their money first.

    Reply
    • Treasureglen says

      November 18, 2015 at 7:41 pm

      The taxes on the house are about $39,000 per year.

      Reply
      • JoJoFLL says

        November 18, 2015 at 8:35 pm

        Holy shitballs!! That’s insane! These people are not smart.

        Reply
    • tamaratattles says

      November 18, 2015 at 8:36 pm

      This is the one exception to that rule. The lender gets first dibs in a foreclosure. HOWEVER the Feds could theoretically initiate a foreclosure. But they almost never to that. There is no equity in the house for either the bank the IRS to care about,

      Reply
    • Matzah60 says

      November 19, 2015 at 8:50 am

      @JoJoFFL, taxes are insane in NJ. NJ has the highest state and property taxes in the country. My home was reassessed in 2010 along with everyone else in my municipality. After 2008, many towns and states across the county saw a sharp decline in Federal funding and tried to make up for the shortage through property taxes by either raising the tax rate and/or reassessing homes which increased property taxes.

      Tamara is correct that lenders have the superior lien over the Feds. Theoretically, the IRS could seize their home and auction it off, but proceeds from the sale would have to be paid to the lender via the IRS to first satisfy the mortgage lender’s debt.

      Reply
      • Sliceo'pie says

        November 19, 2015 at 8:53 pm

        Ugh, try living in Essex County (Montclair) –guess who supports 3/4 of Newark. We pay around $28k and have to send our son to private school because public schools aren’t so hot. We were pretty naive and childless when we bought our home.

        Reply
    • Dee says

      November 19, 2015 at 8:55 am

      Felons by Bravo….so funny! Thanks for the laugh. I needed that 🙂

      Reply
    • Sliceo'pie says

      November 19, 2015 at 8:33 pm

      Their taxes are around $38,500, their home is assessed for much less than the asking-I believe the assessment is around $1,700,00, they’d be paying over $50,000 if it were assessed at closer to the asking.
      The backyard is adjacent to a major highway- Route 287-I drive on it all the time-like all NJ highways, it can get pretty congested at rush hour. I can’t imagine anyone wanting to live near a highway-especially a 6 lane highway in New Jersey. I especially can’t imagine someone who could afford to pay $3M being interested in this monstrosity although frankly, that whole town is full of ugly McMansions, one after the other with no charm.

      Reply
  2. WTH says

    November 18, 2015 at 6:59 pm

    Oh please the late fees and interest on what’s owed in taxes will double, triple and so on, so much more than the principle they owe

    Reply
  3. StubbyG says

    November 18, 2015 at 7:23 pm

    $10,679 a month for the mortgage? Freaking crazy! I feel so sorry for their children because they will suffer forever because of these two.

    Reply
  4. Billie_bee says

    November 18, 2015 at 7:23 pm

    I just can’t even wrap my head around a 10K+ mortgage a month.

    Reply
  5. Tara says

    November 18, 2015 at 7:40 pm

    I would hate to know what the damn electric bill runs.
    Bravo keeps dishing it out and we keep watching, like a train wreck.

    Reply
  6. More Tea Please! says

    November 18, 2015 at 8:23 pm

    They might be caught up,on the mortgage, but are they up to date on property taxes? If they aren’t I would not be surprised if the state and county have dibs on the equity.

    Reply
    • BeetsWhy says

      November 18, 2015 at 10:27 pm

      How are they going to pay their 2015 taxes on the Bravo income? Does the government take their share before the check is issued? Are fines and penalties tax deductions? Can Joe write off mileage to and from Danbury? ?

      Reply
      • beth says

        November 18, 2015 at 10:41 pm

        only the mileage from the garage to the end of the driveway 😀

        Reply
      • Matzah60 says

        November 19, 2015 at 7:40 am

        Fines and penalties are not tax deductions. The first year I was divorced and had a new filing as a single taxpayer, I owed around ten grand. I applied for installment payments with the IRS and made monthly payments of around $200.00. Every month you get hit with not just interest, but a $99 failure to pay penalty. As I was unable to pay my tax balance between in full, and even though I was in a legally binding installment plan and paid on time each month, the IRS still hits you with that failure to pay every month. It’s like paying a huge balance on a credit card. It’s hard to make headway on the principal balance itself.

        I remember reading in north Jersey newspaper online that they were current on their property taxes as of 2015. Most counties have public records of property owned and the taxes for the property listed in NJ, but in Montville, you have to request that info through OPRA.

        When the house was listed for sale on realtor.com, it gave a history of approximate costs for property taxes of @$1799/month.

        Reply
  7. tamaratattles says

    November 18, 2015 at 8:39 pm

    There used to be a prime time network show that filmed heartwarming shows where they tore down needy peoples houses and made is ADA friendly for people with disabilities or bigger for people with ten thousand kids or whatever. They all lost the home because they could not afford the upkeep.

    Reply
    • Lanina07 says

      November 18, 2015 at 9:48 pm

      I remember that show! It was a nice thing to do but then they’d just leave these families with these huge homes and they didn’t have the means for the upkeep so they’d sell or lose them very unfortunate.

      Reply
      • calipatti says

        November 18, 2015 at 10:48 pm

        yes that happened to some of the families but often the home was paid off by donors. The taxes went up but the original mortgage did not. The mortgage payment did not get bigger.

        A few of the people took out mortgages and walked away from the house with cash in hand.
        That was bad form, why not sell?

        Reply
    • Matzah60 says

      November 19, 2015 at 7:55 am

      Yes, it was Extreme Makeover. There was a lot of criticism about the show for putting families in luxury homes that they were unable to maintain. Also, there was a case, I believe, when the makeover was for a couple where each parent made roughly $100 grand a year. They were drowning in medical bills, so shortly after receiving a brand new luxurious home, they put it up for sale to pay down their medical expenses, or so they said.

      Reply
    • Sliceo'pie says

      November 19, 2015 at 8:55 pm

      Didn’t something similar happen when Oprah gave all the women cars a few years ago? None of them were able to pay the taxes. I’m not sure but I thought Oprah might have anted up for the taxes…

      Reply
  8. NeverBeenJaxed says

    November 18, 2015 at 8:44 pm

    I guess I really (naively) thought that when TG went to college that this shitshow would end with these two. Neither one of them has learned a thing throughout the entire experience. I won’t be watching anymore. Not even out of morbid curiousity. I will read the recaps and support TT but I cannot watch Bravo and Andrew feed the egos and be complicit in advancing these felons anymore. I just can’t do it.

    Reply
    • Matzah60 says

      November 19, 2015 at 8:13 am

      I must admit that at one time, I was of the belief that Teresa’s brother and SIL came on the show to bring them down. I still believe that Joe and Melissa cooperated with the Feds in order to save themselves from their own downfall for doing many of the same shady, illegal things that the Guidice’s did through the years. I am always a sucker for the underdog, but I believe now as Tamara and most posters here that Tre and Joe have absolutely no remorse.

      It is sickening to me that they didn’t put the house up for sale for a reasonable selling price which makes it clear that the listing was simply done to stall for more time. I think that the house cannot go into foreclosure as long as Joe and Tre were showing good faith to sell the house and make reparation from the proceeds of anticipated sale towards the first mortgage and to start paying back taxes to the IRS. I struggle with my own mortgage month to month, but pay on time and I live in a small rancher without any bells and whistles. I find it appalling that these people have still managed to live in this house after breaking every law in the book.

      Reply
      • katimir2 says

        November 19, 2015 at 11:41 pm

        But for Bravo, there would be no house. Now, but for Bravo there will be no house. Meaning Tre needed the grandiose property because she wanted to live the life of a celebrity (despite her means to an end). Bravo has a big role in these peoples’ lives and is the fuel running this camp. When Bravo goes away, so will they…and the house too.

        Reply
  9. Trashbox says

    November 18, 2015 at 8:52 pm

    I have no idea how they are still in this house. And so I will keep watching.

    Reply
    • BeetsWhy says

      November 18, 2015 at 11:48 pm

      but will you buy “her” book? Say no!

      Reply
    • Psylocke says

      November 19, 2015 at 12:39 am

      They are still in their house BECAUSE YOU KEEP WATCHING. How do you not get that?

      Reply
  10. ericzku says

    November 18, 2015 at 8:57 pm

    They come out of foreclosure only to be slapped with an IRS lien. BWAAHAHAAA!

    The IRS does not play. Hopefully the RHoNJ cameras will be there to capture the moment when the IRS shows up to seize the property and padlock the doors.

    Ahhh, the sweet sweet schadenfreude.

    Reply
    • calipatti says

      November 18, 2015 at 10:54 pm

      a lien doesn’t matter or hurt the Guidices unless they sell.
      Doesn’t it help the Guidices keep the house with no equity and large liens.
      No point in foreclosing, there is no money in the house, am I wrong?
      Even if they sold it I think the bank gets paid first.
      I don’t know squat and each state is different.

      Reply
    • Minky says

      November 19, 2015 at 1:25 am

      I smell a sex tape. Yes, I believe they’ll get THAT desperate. I need a barf bag.

      Reply
      • Gingersnap says

        November 19, 2015 at 11:43 am

        Oh gawd, Minky, I haven’t eaten yet. Ewwww!

        Reply
  11. AKA Riley says

    November 18, 2015 at 9:08 pm

    Ditto !

    Reply
  12. satinbliss says

    November 18, 2015 at 9:30 pm

    Thanks for breaking this down for me TT as I’m most legally and financially illiterate. Plus i feel like I’m learning stuff and not just feeding my appetite for juicy gossip. The weave comment also made me lol. ?

    Reply
  13. Elaine says

    November 18, 2015 at 9:53 pm

    Pretty pathetic..

    When will people realize it’s much better to live within your means? Why not buy a home you can actually afford? And if you’re lucky, you’ll have a little money left over for travel, or putting towards your 401k :-/

    Reply
    • BeetsWhy says

      November 18, 2015 at 10:31 pm

      So agree Elaine! I love the tiny house shows where people live with only what they need so that they can do other things like travel and not be slaves to their mortgage company or electric company.

      Reply
    • calipatti says

      November 19, 2015 at 12:46 am

      Elaine, Guidices believe they are living within their means, it’s all of us that do not understand. Tre completely blames Melissa, she will go after her when she gets out. I feel bad for Melissa.

      Reply
  14. marie brooks says

    November 18, 2015 at 11:47 pm

    I can’t imagine owing that kind of money. My monthly expenses are about what they use as pocket money or a salon visit. It messed up my head to read all those figures in the thousands. Really I hope things go well for them in the future. I just don’t have it in me to wish ill will on them after all they have endured this past year or so. I am wishing them and those children the best especially with the holidays coming up.

    Reply
    • calipatti says

      November 19, 2015 at 12:51 am

      Oh yes, the Guidices have been treated so poorly. How dare people want to be paid back.
      It must be difficult to live in a large home and have a large family to do everything for you.
      Life is tough.

      Reply
      • Minky says

        November 19, 2015 at 1:30 am

        Spot on Calipatti. The Guidices have the weight of the world on their soldiers. Cry me a damn river. I’ve worked with very wealthy people and I’ve worked with very poor people. Poor people might not be able to eat off of gucci plates, but they laugh and smile the very most. Funny how that works.

        Reply
    • Tara says

      November 19, 2015 at 9:52 pm

      Marie, I understand what you are saying and I felt the same. Actually, it was someone here who made me see it differently. Joe and Tre intentionally took advantage of many people, and companies. Many of those companies had paid for the supplies for that house up front, thinking they would be reimbursed. That’s not including payroll and taxes. They too have families.
      I think it’s awesome that you obviously have such a big heart. May I have it:)? I am kidding, people would not recognize me with a heart.

      Reply
  15. Shae says

    November 19, 2015 at 9:44 am

    I just can’t with this. They lost me so long ago with how they could possibly live so outrageously outside their means, stealing money and defrauding everyone around them.

    Why on earth when you are raising such a large, young family do you want to tie up your money in that giant house? Heating it, running it, maintaining it… money would be better spent saving something for your kids’ education. But who am I thinking like this, this is teresa and joe and nothing is more important to them than the materialistic nonsense they stuff the place with.

    Reply
    • spunky2015 says

      November 19, 2015 at 7:32 pm

      Plus they were building this house long before the show started. There is a piece to this puzzle missing. How did they think they could maintain this huge house down the road?

      Reply
  16. Busy Besom says

    November 19, 2015 at 10:46 am

    Miss Tamara has to be the best Tre surgeon ever…a lady who cuts through all the BS with immaculate precision!

    Reply
  17. Cat says

    November 19, 2015 at 6:28 pm

    I will never understand people like this, or the people they owe. Good grief! If I am behind on anything, I have people calling to threaten legal action. Why did they let go this far? Did they just ignore collection calls, etc? I don’t get it.

    Reply
  18. T D says

    November 20, 2015 at 2:46 pm

    Wonder how many people would be able to eat a decent meal for the cost of one Gucci placesetting?

    Reply

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