REAL ESTATE

Mrs. McCain, San Diego County Would Like a Word

By Suzanne Smalley, Andrew Murr, Mark Hosenball and Nathan Dinsdale | NEWSWEEK

July 7-14, 2008 issue

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Discuss

Posted By: fiber artist @ 08/21/2008 8:37:49 PM

Comment: I used to live in Santa Barbara - due to Prop 13, you only pay 1% of the value of when you purchased your home or what it was appraised at when the law went into effect. The law was intended to keep older folks in their homes by not making their taxes super high just because their property values went sky high. Our taxes were only $400 year as of 1993 when our home sold for $250K, but that's because it was based on a 1980's value. The new owners would have to pay $2300 year and if it sold tday at about $800K, the taxes would be $8000.
Posted By: reunionpi @ 07/29/2008 12:18:36 PM

Comment: See who the first wife of John McCain is working for now and who she contributed to

http://webofdeception.com/#carolsheppmccain
Posted By: OBWan @ 07/06/2008 12:13:47 AM

Comment: Is the property going to sold at a sheriff's sale? That is what happens here in Indiana if you do not pay your taxes.
Posted By: Nins @ 07/02/2008 12:32:44 AM

Comment: The real property tax rate in LaJolla California is a MINIMUM if 1% per year of the value of the home -- you can look this up on line. The 1% minimum rule was made around 1990, and is subject to annual review of up to 2% per year. So, if the McCain's tax bill for this past year was around $1,742, that means their condo is valued at NO MORE than $174,200.

A quick tour of the MLS listing for LaJolla waterfront condos in this current market has them selling for an average of about 2 million dollars. The cheapest one I could find was $600,000, and the most expensive $4.5 million.

Why is the McCain's condo so terrifically undervalued? Why are they paying such a low tax rate? Their condo has a pool, a spa, a fire pit, a gas barbecue, steam rooms, etc. -- obviously a luxury property. It can not possibly have a value of only $174,200.

The citizens of LaJolla should be up in arms. I am SURE that they average resident there isn't paying a mere $1,742 per year in property taxes.
Posted By: reunionpi @ 07/01/2008 2:44:10 PM

Comment: The proper permits were not pulled when the McCains converted this condo into one from two condos (1105 &1106) for the roof top zero edge pool, sun deck, spa, fire pit, gas barbeque, men???s and ladies??? locker rooms, steam rooms, massage room

www.webofdeception.com
Posted By: keepemhonest2 @ 07/01/2008 10:50:50 AM

Comment: To showtyme: You are SOOO wrong on just about everything you wrote.

1. Cindy McCain OVERSEES the Trust. Cindy McCain is, thus, the trustee, administrator and/or grantor of the Trust. Meaning Cindy McCain MUST FILE and SIGN HER NAME to IRS Form 1041 annually as part of her annual personal taxes.

** If you're the Trustee (Cindy) or administrator of a trust (Cindy) BY LAW you will need to prepare and file Form 1041 and the associated Schedule K-1 forms for each of the Trust's beneficiaries. Each beneficiary will need a Schedule K-1 for use in preparing his own Form 1040.

** So, whether John McCain or the elderly, or both, are the beneficiary of the Trust they will need a to file Schedule K-1 for preparing their OWN Form 1040.

2. You are so wrong if you think that Cindy MCain, owner and administrator of the Trust that holds an estate, does not have to report the estate on her annual taxes. She does AND therefore, as I posted 6/30 at 9:38, the McCain Default on the condo in San Diego would have been caught, 4 years ago, 3 years ago, 2 years ago, 1 year ago AND this year when the Form 1041 was being prepared each year ..... UNLESS ... McCain FRAUDULENTLY claimed those tax payments on her Form 1041.

3. You are wrong if you think that Cindy McCain own's the condo & can get a tax break because her elderly aunt lives in the condo. In order for the elderly aunt to receive the tax break for the elderly, the elderly aunt HAS TO OWN THE PROPERTY and she does not.

5. If I own a condo & rent it out to an old lady, my property tax liability does not go down because an old lady lives in the condo. If I own a home, through a Trust or not, and I let an old lady live in that condo, rent free or not, I do not get a tax break on my property tax liability just because an old lady lives in the condo.

I'm sure John McCain would appreciate the propaganda a.k.a. false information, you are posting on this board. You remind me of those Bush 25% Club folks ... you know that 25% of the population that support Bush.

FYI: "DOW Jones has worst June (2008) since the Great Depression" -- that, according to: ALL news agencies & publications that follow the stock market ... anyone encouraged by Bush Economics?

John McCain is no different than George W. Bush -- Bush has ruined the US economy & McCain intends to follow the same Bush Economic disaster that has pushed the Stock Market into the worst June since the Great Depression. Naturally, June 5, 2008 Bush approval rating is at an all time low 25%

Surly to goodness you are not so oblivious that you think a person can own a Trust and not include those assets on their annual personal income tax forms?
Posted By: Chiefxx @ 07/01/2008 4:35:28 AM

Comment: A bit of trash reporting if there ever was one. Mrs. McCain hardly handles the billing and payments for a trust with which she is somehow involved. And, it is inaccurate to imply that she owns the property - it is in trust. Seems to me to be a blatent political smear job. Dignity Index - 95!
(The posted comment about her abilities to manage business affairs is also way off. She has greatly expanded the business she inherited and is very active in many charitable organizations. How about a story shoecasing those activities.)
Posted By: showtyme @ 07/01/2008 2:18:22 AM

Comment: Wow, how unusual, there are a whole lot of democrats out there all pissed off over a non issue. Let me address some of the comments below.

- Yes, when you are rich you tend to not handle your own finances at all. Stop hating on the McCain's just because you are not rich. And why would poor personal money management matter anyways? I doubt seriously neither the president nor first lady is responsible for sending out your refund checks. I am quite certain there are massive government departments to take care of this. So don???t worry about it.
- The tax rate is probably low because the elderly aunt that lives in the condo is qualified for some sort of property tax relief. Isn't this usually a staple of the democratic party? Tax able people more and less able people less. (Who cares that she is the benefactor of a trust. That is why trusts are set up to remove the assets from the aunt's name thus qualifying her for the reduction. You can't have it both ways people.)
- The property taxes would not be reported on the McCain's personal tax returns. Trusts file their own separate tax return. (nice try though)
- $100,000 in credit card debt? Who cares?!? Who cares if they have $1 million in credit card debt? They are worth over $100 million. That is a more than exceptable ratio of debt usage to net worth. (again stop being haters)

Now I myself traditionally vote republican (surprise surprise) but have not decided who I am voting for this year. I am not a huge McCain fan, but I am also not an Obama fan. This is definitely going to be a tough election for people like myself who try to actually make decisions based on information that matters. I am actually hoping a strong independent jumps up this year to give an alternate choice. Someone who has experience, a solid track record, a good moral compass, and the resolve to take us through what are promising to be some of the worst years this young country has ever seen. And yes I know an independent can???t win, but it would be nice to see a strong showing for an independent. I am getting kind of tired of the two party system. A consistent third choice would be a nice addition to our political process.
Posted By: Isabella38 @ 06/30/2008 6:33:41 PM

Comment: Let me get this right. The amount owed for the last four years on a condo in La Jolla was only $6,744.42 AND was deliquent for over 4 years?? Something stinks to high heaven. If this was the other nominee, you can bet your bottom dollar it would make front page news and would be on every channel. I seem to remember this same Cindy McCain who couldn't come up with receipts in regards to her and hubbys financial connection with Keating of the whole Keating Five fiasco, then they mysteriously surfaced a few years later. At least he was honest when he stated he knows nothing about economical matters. Obviously neither does his wife. These are the people we want in control of our wallets?
Posted By: Nor-Cal for Obama @ 06/30/2008 4:36:21 PM

Comment: Cindy & John simply do not have the organizational and moral skills necessary to run this country.

I am proud of my fellow Americans for, at least so far, seeing the reality of these individuals as clear as possible. I mean to miss one year is one thing, but after this long, the must have noticed... Do you just 'forget' how many properties you own?
Posted By: KJAB @ 06/30/2008 12:18:43 PM

Comment: This kind of "story" is hard to swallow. Give me a break! The McCains are too busy and/or too rich to get all their bills paid - EVEN taxes? I agree with another that if this story concerned the Obamas, we'd hear it every 5 minutes for a week! Whether he is old, whether he is a war hero, whether at one point in his career he could accurately be called a Maverick should not matter one iota. Get with it!
Posted By: keepemhonest2 @ 06/30/2008 10:31:30 AM

Comment: I hope the journalists of this piece followup with at least 2 questions?

1. Why McCain's tax liablity so low on Ocean Front Property in La Jolla, California? (One of the most expensive communities in this country)

2. Did McCain's fraudulenlty claim to have paid these taxes on their Tax Returns over the last 4 years?
Posted By: Miss Kitty @ 06/30/2008 10:09:47 AM

Comment: Could Newsweek's "spin" of this article be any more pro-McCain? "Gee, even though it's really hard to pay taxes when your job has been outsourced to India or your company's illegal business practices send you to the unemployment line -- but imagine how hard it is to pay your bills when you're a MILLIONAIRE Cindy McCain!"

They have been giving SUCH a soft sell to anything regarding the McCains -- how about that puff piece a few weeks ago about the candidates' wives -- Cindy's drug addiction and REPEATED theft of drugs from the charity she founded (hmmm, I'm a rich drug addict and I need access to drugs -- let's start a charity that dispenses medication...).

If the Obamas had done ANY of these things the press, including Newsweek, would be all over them like flies on you-know-what.

Get it together, Newsweek!
Posted By: keepemhonest2 @ 06/30/2008 9:38:04 AM

Comment: Property tax payments are reported to the IRS annually on personal income tax forms IRS 1040.

It is illegal to report you've paid those taxes when you have NOT paid those taxes.

This is a big deal because McCain should know what is happening in his own home. If McCain cannot even keep up with the goings on in his own home, how can he manage this country? He can't ....

FACTS:
The McCain default would have been noticed during the Filing & Preparing of IRS Annual Tax Returns - 4 years ago!

The 2nd consecutive year of McCain default would have been noticed during the Filing & Preparing of IRS Annual Tax Returns - 3 years ago!

The 3rd consecutive year of McCain default would have been noticed during Filing & Preparing of IRS Annual Tax Returns - 2 years ago!

The 4th. consecutive year of McCain default would have been noticed during Filing & Preparing of IRS Annual Tax Returns - 1 years ago!

Note: Cindy has not paid this year's property tax on that property which is due tomorrow (July 1). Thus, the 5th. consecutive year of McCain default would have been noticed during Filing & Preparing of IRS Annual Tax Returns - THIS YEAR!

So, who is to blame? John & Cindy McCain that's who. It is the LEGAL responsibility of the home owner to keep the mailing address current at the county tax office ....

Why didn't the McCain's allow the trust to pay this year's taxes? They are in default tomorrow meaning they were due a long time ago.
Posted By: BloggerRadio @ 06/30/2008 9:27:09 AM

Comment: Gee, it must be nice to be rich, but I think I'll be voting for someone who can at least remotely relate to the great unwashed masses and the vast majority of WE-THE-PEOPLE.
Posted By: BloggerRadio @ 06/30/2008 9:25:35 AM

Comment: Gee, it must be good to be rich. But, I think I'll vote for someone who can at least relate, a little bit, to being someone like the vast majority of the rest of us.
Posted By: cpmondello @ 06/30/2008 6:16:53 AM

Comment: Four years?

If it was anyone else, that person would be in jail, living on the streets, or on the run.

America....the land of the rich and the poor.

Corey Mondello
Boston, Massachusetts
www.CoreyMondello.com
6-30-08
Posted By: Hopeisalive08 @ 06/30/2008 3:30:55 AM

Comment: My real question is what kind of a sweetheart appraisal do they have?? Only $1,742.00 for an ocean front condo in San Diego? I live in a modest (less than $300K appraised value) home in LA and my tax bill was about $9k this year. What gives? Prefential treatment? Check it out Newsweek....
- Posted By: Nins @ 06/30/2008 2:49:09 PM
  
  Comment: This is a good question. Is LaJolla some kind of tax haven? LaJolla is one of the richest communities in America. Rich communities usually have high taxes, especially on waterfront property. I think I will do a little research and see what the tax rates are in LaJolla.
Posted By: J.Richter @ 06/29/2008 10:43:22 PM

Comment: An earlier article showed how bad they are at managing personal wealth
http://www.msnbc.msn.com/id/25154267/

Do we really wish to hand the keys of the treasury to this folks given the choice of Barack an obviously shrewed money (and might I add campaign organization) manager.

The statement on no underrstanding economics at this point should be taken for what it is: the truth right from the source.
Posted By: a brighter America 08 @ 06/29/2008 8:38:58 PM

Comment: And McCain and Hilliary called Senator Obama an elitist?? McCain, especially, is a hypocrite!! SEVEN (7) homes??? Where are ALL THESE HOUSES?? WOW!! OH, and John uses Cindi's COMPANY PLANE to fly everywhere to campaign!! Is that legal??? Everybody else has to pay for their plane or charter it. Remember, Cindi owns the beer company, according to McCain, and he has nothing to do with "the business". He might not have anything to do with the business, but he sure does not hesitate to use the company plane. Like I asked, is this legal?? HE IS USING THE ALCOHOLIC BEVERAGE COMPANY'S PLANE TO PROMOTE HIS CANDIDACY. FOR THE PRESIDENCY!!! HOW EVIS IS THIS?? Wonder how many DWIs they have contributed to?? Wonder how many fatal accidents they have contributed to?? NOPE, McCain has no busness running for President!! Would Cindi run her BEER business out of the First Lady's parlor in OUR White House??
Posted By: oldekirk32 @ 06/29/2008 5:22:08 PM

Comment: do we really need another super rich capitalist to run our country more into the ground+
as a working man I say it is time we let the democrats take over
- Posted By: Jckflsh52 @ 11/12/2008 5:33:44 PM
  
  Comment: Well, now we will have a super wealthy socialist running our country. Why doesn't he and his wife give away a few million. They surely don't need it.
Posted By: Sporty @ 06/29/2008 4:14:51 PM

Comment: Oldberman ,,, Cindy and John worst person of the month...
Posted By: Sporty @ 06/29/2008 4:12:41 PM

Comment: Doesn't the tax rate seem rather low for 4 years and beach property (value at what).

Bet if it was you or me the property would have been sold by now for taxes.
Posted By: Sporty @ 06/29/2008 4:11:09 PM

Comment: What happens with the average citizen doesn't pay his property tax , their house is sold.

Their tax seems rather low. They said for 4 years and how much is the property worth!!!

Less then $2,000 a year....
- Posted By: kplesko @ 06/30/2008 8:49:31 AM
  
  Comment: what about their credit card debts? Does John even know that his wife has $100,000 in her name, another $100,000 plus in their names and $17,000 in a family memebers name? What a troubled lot they are and clearly not good managers
Posted By: mistyblue1940 @ 06/29/2008 3:22:53 PM

Comment: No excuse for not paying property taxes, and John McCain wants to run a whole Country and super rich people like the McCain's can't even remember that they do have to pay property taxes like everybody else that owns property, not ignore it for four years and get away with it, we don't need someone that irresponsible to run a Country thats in the mess this Country is in right now, thanks to GWB, John McSAME would be another GWB he needs to be in a home for the elderly, GRANDPA can't manage a whole Country, he can't manage Seven Expensive Homes he owns with his wife the "Snob" Cindy McCain
Her response to a reporter asking her about not paying her taxes on this one property, A simple GRIN, and her response: Oh, My Bad!
Such a snobie response, REPULSIVE!!!
Posted By: Rogue100 @ 06/29/2008 1:47:04 PM

Comment: What is it about Newsweek that causes then to pick on an elderly aunt of Mrs McCain in a house administered by a TRUST, not the McCains?
The next thing you know, Olbermann will be calling the old woman the "Worst Person in the World".
- Posted By: Ratgurl @ 06/29/2008 2:07:31 PM
  
  Comment: Since Cindy's Aunt was not responsible for the property taxes (something typically taken care of by the property owner), your comment is irrelevant
Posted By: apikores @ 06/29/2008 1:12:26 PM

Comment: Mccain doesn't bother paying taxes because he and his wife own so much they can't keep their assets straight. He doesn't even know how much gas costs....I don't know what made the Republicans think they could win in a year already stacked against them by nominating an out-of-touch, loose cannon 72-year old whose wife has a penchant for painkillers.
Posted By: bioman @ 06/29/2008 12:04:47 PM

Comment: The reason the tax bills were returned is that the McCains failed to keep their address current as they are required to do by the county. This is a pretty lame excuse for not paying the taxes due.
Posted By: xxxGRAYxxx @ 06/29/2008 10:37:09 AM

Comment: County records show the bills, which were mailed to a Phoenix address associated with Mrs. McCain's trust, were returned by the post office.The bank that manages the trust has not been receiving tax bills on the property.
Posted By: xxxGRAYxxx @ 06/29/2008 10:36:05 AM

Comment: The bills, which were mailed to a Phoenix address associated with Mrs. McCain's trust, were returned by the post office. The bank that manages the trust has not been receiving tax bills on the property.

Newsweek Your bias is Obvious.
Posted By: BrownFoxNine @ 06/29/2008 6:49:52 AM

Comment: LOL< a beer hieress. Nice one. www.FireMe.To/udi
Posted By: iheartcrack @ 06/29/2008 5:01:59 AM

Comment: John McCain profits from the sale of malt liquor to poor black people.
Posted By: moyer305@comcast.net @ 06/29/2008 12:56:29 AM

Comment: Thank you, Newsweek, for doing your homework. It seems like in the mainstream press, McCain doesn't face nearly the same scrutiny over his personal life as Obama does. I am usually one who doesn't want to hear about drama in the personal lives of our candidates, but it has been so lop-sided. We need to look at both candidates very clearly in this election.
Posted By: desertmatt @ 06/29/2008 12:52:36 AM

Comment: I guess they thought Taxes are for the little people, I thought this guy was a grown up.
Posted By: KenTpa @ 06/29/2008 12:39:55 AM

Comment: Seems there are quite a number of unanswered questions about McCain's finances. Trying to separate himself from his wife's business dealings, while enjoying the all of the trappings of her wealth is slick indeed. Could it be that this shell game of his is really meant to hide other questionable dealings?
Posted By: rnram@hotmail.com @ 06/29/2008 12:15:35 AM

Comment: I'll make a donation toward Cindy McCain's tax bill if I can use the La Jolla Shores home to host an Obama fundraising party!
It's a shame all these nice homes go unoccupied, just sitting there for when the ultra-rich decide to jet in for a weekend....I'd say that's ELITIST!!!
Posted By: rnram@hotmail.com @ 06/29/2008 12:14:48 AM

Comment: I'll make a donation toward Cindy McCain's tax bill if I can use the La Jolla Shores home to host an Obama fundraising party! It's a shame all these nice homes go unoccupied, just sitting there for when the ultra-rich decide to jet in for a weekend....I'd say that's ELITIST!!! The Obamas, on the other hand, are a young couple who could only recently afford to pay off their college loans and buy a home. Regular middle class folks!
Posted By: MISinSA @ 06/29/2008 12:04:18 AM

Comment: Why don't they just grab the money from the John and Cindy McCain Foundation? You know, the charitable organization Cindy chairs that they used to pay out $500,000 to their kids private schools when supposedly funding the clearing of landmines and craniofacial research. Charity abuse seems a running theme at the McCain houses.
Posted By: MISinSA @ 06/29/2008 12:04:11 AM

Comment: Why don't they just grab the money from the John and Cindy McCain Foundation? You know, the charitable organization Cindy chairs that they used to pay out $500,000 to their kids private schools when supposedly funding the clearing of landmines and craniofacial research. Charity abuse seems a running theme at the McCain houses.
Posted By: MarineMom2585 @ 06/28/2008 10:58:06 PM

Comment: WOW!!! the McCain's own 7 homes... and they call Obama an elitist
UNBELIEVABLE!!!!!!!!!!!!!!!!!
Posted By: sapphire225 @ 06/28/2008 10:49:21 PM

Comment: What excuse do you have for this one?? It's Cindy's property? She doesn't trust you to manage the account and she isn't doing a good job. We should we expect better from you?
Posted By: lolo09 @ 06/28/2008 9:59:05 PM

Comment: So much for fiscal responsibility....fits wel with the $100K credit card debt the mcCains have.
(http://www.salon.com/politics/war_room/2008/06/13/mccain_debt/)
If you can't run your own house responsibly, how can you run a country?

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Mrs. McCain, San Diego County Would Like a Word

Discuss

Posted By: fiber artist @ 08/21/2008 8:37:49 PM

Posted By: reunionpi @ 07/29/2008 12:18:36 PM

Posted By: OBWan @ 07/06/2008 12:13:47 AM

Posted By: Nins @ 07/02/2008 12:32:44 AM

Posted By: reunionpi @ 07/01/2008 2:44:10 PM

Posted By: keepemhonest2 @ 07/01/2008 10:50:50 AM

Posted By: Chiefxx @ 07/01/2008 4:35:28 AM

Posted By: showtyme @ 07/01/2008 2:18:22 AM

Posted By: Isabella38 @ 06/30/2008 6:33:41 PM

Posted By: Nor-Cal for Obama @ 06/30/2008 4:36:21 PM

Posted By: KJAB @ 06/30/2008 12:18:43 PM

Posted By: keepemhonest2 @ 06/30/2008 10:31:30 AM

Posted By: Miss Kitty @ 06/30/2008 10:09:47 AM

Posted By: keepemhonest2 @ 06/30/2008 9:38:04 AM

Posted By: BloggerRadio @ 06/30/2008 9:27:09 AM

Posted By: BloggerRadio @ 06/30/2008 9:25:35 AM

Posted By: cpmondello @ 06/30/2008 6:16:53 AM

Posted By: Hopeisalive08 @ 06/30/2008 3:30:55 AM

Posted By: Nins @ 06/30/2008 2:49:09 PM

Posted By: J.Richter @ 06/29/2008 10:43:22 PM

Posted By: a brighter America 08 @ 06/29/2008 8:38:58 PM

Posted By: oldekirk32 @ 06/29/2008 5:22:08 PM

Posted By: Jckflsh52 @ 11/12/2008 5:33:44 PM

Posted By: Sporty @ 06/29/2008 4:14:51 PM

Posted By: Sporty @ 06/29/2008 4:12:41 PM

Posted By: Sporty @ 06/29/2008 4:11:09 PM

Posted By: kplesko @ 06/30/2008 8:49:31 AM

Posted By: mistyblue1940 @ 06/29/2008 3:22:53 PM

Posted By: Rogue100 @ 06/29/2008 1:47:04 PM

Posted By: Ratgurl @ 06/29/2008 2:07:31 PM

Posted By: apikores @ 06/29/2008 1:12:26 PM

Posted By: bioman @ 06/29/2008 12:04:47 PM

Posted By: xxxGRAYxxx @ 06/29/2008 10:37:09 AM

Posted By: xxxGRAYxxx @ 06/29/2008 10:36:05 AM

Posted By: BrownFoxNine @ 06/29/2008 6:49:52 AM

Posted By: iheartcrack @ 06/29/2008 5:01:59 AM

Posted By: moyer305@comcast.net @ 06/29/2008 12:56:29 AM

Posted By: desertmatt @ 06/29/2008 12:52:36 AM

Posted By: KenTpa @ 06/29/2008 12:39:55 AM

Posted By: rnram@hotmail.com @ 06/29/2008 12:15:35 AM

Posted By: rnram@hotmail.com @ 06/29/2008 12:14:48 AM

Posted By: MISinSA @ 06/29/2008 12:04:18 AM

Posted By: MISinSA @ 06/29/2008 12:04:11 AM

Posted By: MarineMom2585 @ 06/28/2008 10:58:06 PM

Posted By: sapphire225 @ 06/28/2008 10:49:21 PM

Posted By: lolo09 @ 06/28/2008 9:59:05 PM

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