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March 29, 2019 by Gary Cardillo

In the New York Post, a segment stated how 41% of New Yorkers say they can no longer afford to live there. A single room apartment in the city is renting for $3,100 per month.

A Quinnipiac College survey found 61% of those interviewed said they could afford to live in New York, but 35% said they would be forced to move within the next 5 years.

Maria Bartiromo is a global markets editor at Fox Business News and hosts a variety of financial programs stated, “Money goes to where it is treated best.” This was in response to New York’s Governor Cuomo stating, “The state is facing a $2 billion dollar shortfall due to companies leaving the oppressive taxes in New York, and they are not the only major city facing this crises.” He goes on to say “Liberal policies are pushing companies out to states like Florida where there is no income tax.”

In addition to this article, and comments from the interview with Maria Bartiromo, it was recently reported New York is going to start invasive audits of high income people looking to establish their homestead out of state to recapture tax revenues leaving the state. States like New Jersey have already imposed an “exit tax,” which essentially is a tax you pay when you sell your home to leave the state. While it is essentially a prepayment of taxes on the capital gains, it is just another way states are making sure they can limit the loss of tax revenue leaving the state.

I think this bodes well for states like Florida that offer lower tax rates and a climate that fosters a better quality of life year round.

Source: Campanile, Carl and Max Jaeger “More than a third of New Yorkers say they can’t afford to live here.” New York Post, 22 March 2019. www.nypost.com

St. Patrick’s Day & Our Irish Roots

March 16, 2019 by Gary Cardillo

As you know, each month we like to highlight the accomplishments of someone who has given much of himself or herself for the betterment of their community. This month we would like to recognize Maewyn Succat. Who’s Maewyn Succat you ask? He isn’t anyone I heard of and most likely isn’t a name you’ve ever heard of either, yet somehow he has impacted our lives in ways you never thought possible.

According to The Old Farmer’s Almanac, Maewyn Succat was born in Britain and around age 16 (around 400 A.D.) he was kidnapped and taken to Ireland as a slave where he worked as a shepherd. After six years he escaped and returned home and received “a calling” to preach the gospel and spent the next 15 years in a monastery preparing himself for mission work. Once he became a priest his name was changed to Patricius and eventually to Patrick. St. Patrick, as he is known today, was considered a patron saint and national apostle of Ireland and is credited with bringing Christianity to Ireland. It is said he used the three leaf shamrock to explain the Holy Trinity, however, many years later the fourth leaf was added by the ancient Celts as a charm to ward off evil spirits. While the Almanac says there is no direct record St. Patrick actually used the shamrock as a “teaching tool,” in the early 1900’s O.H. Benson, who was an Iowa school superintendent, came up with the idea of using the shamrock as an “emblem for the newly founded agricultural club.” In 1911, the “four-leaf clover” was chosen as the emblem for this national club program, later known as 4-H.
Many centuries later, St. Patrick’s Day marks the day of his passing, but it is far from the somber religious holiday you would think. It is perhaps the only day of the year that regardless of one’s religious, political or ethnic background we all become Irish for a day. The saying that sums this up best for me is, “Irish today, Jewish tomorrow.” This is in reference to the year round Jewish deli staple of corned beef becoming part of the traditional St. Patrick’s Day dinner of corned beef and cabbage. And just like New Year’s, there is a camaraderie and revelry on this day second to none. Irish pubs around the world celebrate this day and none do it better than Punta Gorda’s Celtic Ray Public House.

Opened in 1997 by Proprietor Kevin Doyle, “The Celtic Ray,” as it is known by the locals, has continued to evolve and expand from being one of the only places around offering “the quality of imported beers and the atmosphere of a traditional Irish Pub,” to an eating and entertainment destination. As Kevin Doyle, “Publican” so aptly states on his website, “Bars are filled with lonely people. A pub is a very social scene. “You may come alone, but you won’t be for long,” and if you are around this St. Patrick’s Day, you’ll be in good company with hundreds of Irish men and women just like yourself!

Rich in tradition and personality, the bartenders and wait staff at the Celtic Ray take on Kevin’s engaging wit. In fact years ago there used to be a bartender by the name of “Tess.” Tess was a real spitfire. Rail thin, heavy smoker, raspy voice and known for razzing all those who stepped up to the bar. Years ago, a friend of mine decided to stop for beer. Tess greeted him in her usual manner and in her heavy Irish brogue asked, “What’a ya have luv?” My friend replied, “What kind of beers do you have Tess?,” to which she rattled off several imports. My friend said, “How about a Miller Lite,” to which Tess replied, “What di ya say? ya go on a get the hell outta here.” It was her reply that kept customers entertained and coming back for more. A couple of years ago I went there with our son and saw Kevin and asked if he still kept in touch with Tess, as I heard she returned to her home land. Kevin replied, “She went back to Scotland.” “Scotland?” I questioned, “How’s that working out.” Without missing a beat Kevin replied, “She’s a librarian, and this guy came in one day and asked for a book on suicide. She told him, “Go on and get the hell outta here, you’re not going to return it.” I asked Kevin if he was kidding and he said, “It sounded good didn’t it!” I don’t think you’ll confuse Kevin or his Celtic Ray with St. Patrick and his mission work, but somehow the atmosphere Kevin has created is a place where strangers come from all walks of life leave as friends.
If you are looking to make this St. Patrick’s Day one to remember, or just looking to getting in touch with your “Irish” heritage, even if it is for just a day, be sure you make a visit to the Celtic Ray as part of this special day. “You may come alone, but you won’t be for long.”

-Gary Cardillo

5 Current Tax Deductions When Selling a Home: Did You Take Them All?

March 1, 2019 by Gary Cardillo

But there’s also a new tax code—aka the Tax Cuts and Jobs Act—causing quite a bit of confusion this filing season. Rest assured that if you sold your home last year (or are planning to in the future), the tax deductions may amount to sizable savings when you file with the IRS.

You’ll want to know all the tax deductions (as well as tax exemptions or other write-offs) at your disposal. So here’s a rundown.

1. Selling costs

Good news! These deductions are still allowed under the new tax law as long as they are directly tied to the sale of the home and a married couple—or a single taxpayer—lived in the home for at least two out of the five years preceding the sale. Another caveat: The home must be a principal residence and not an investment property.

“You can deduct any costs associated with selling the home—including legal fees, escrow fees, advertising costs, and real estate agent commissions,” says Joshua Zimmelman, president of Westwood Tax and Consulting in Rockville Center, NY.

This could also include home staging fees, according to Thomas J. Williams, a tax accountant who operates Your Small Biz Accountant in Kissimmee, FL.

Just remember that you can’t deduct these costs in the same way as, say, mortgage interest. Instead, you subtract them from the sales price of your home, which in turn positively affects your capital gains tax.

2. Home improvements and repairs

Score again. The new tax law left this deduction as well. If you renovated a few rooms to make your home more marketable (and so you can fetch a higher sales price), now you can deduct those upgrade costs as well. This includes painting the house or repairing the roof or water heater.

But there’s a catch, and it all boils down to timing.

“If you needed to make home improvements in order to sell your home, you can deduct those expenses as selling costs as long as they were made within 90 days of the closing,” says Zimmelman.

3. Property taxes

This deduction is still allowed, but your total deductions are capped at $10,000, Zimmelman says.

If you were dutifully paying your property taxes up to the point when you sold your home, you can deduct the amount you paid in property taxes this year up to $10,000.

4. Mortgage interest

As with property taxes, you can deduct the interest on your mortgage for the portion of the year you owned your home. However, the rules have changed slightly from last year.

Just remember that under the new tax code, new homeowners (and home sellers) can deduct the interest on up to only $750,000 of mortgage debt, though homeowners who got their mortgage before Dec. 15, 2017, can continue deducting up to the original amount up to $1 million, according to Zimmelman.

Note that the mortgage interest and property taxes are itemized deductions. This means that for it to work in your favor, all of your itemized deductions need to be greater than the new standard deduction, which the Tax Cuts and Jobs Act nearly doubled to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly (for comparison, it used to be $12,700 for married couples filing jointly).

5. But what’s up with capital gains tax for sellers?

Lawmakers tried to change the capital gains rule, but it managed to survive—so it’s still one home sellers can use. It isn’t technically a deduction (it’s an exclusion), but you’re still going to like it.

As a reminder, capital gains are your profits from selling your home—whatever cash is left after paying off your expenses, plus any outstanding mortgage debt. And yes, these profits are taxed as income. But here’s the good news: You can exclude up to $250,000 of the capital gains from the sale if you’re single, and $500,000 if married. The only big catch is you must have lived in your home at least two of the past five years.

However, look for the rules of this exemption to possibly change in a future tax bill.

Ralph DiBugnara, president of Home Qualified and vice president at Residential Home Funding, says lawmakers might push to change this so that homeowners would have to live in the property for five of the past eight years, instead of two out of five.

By Margaret Heidenry | Feb 28, 2019

Veteran’s Gift of Love

February 14, 2019 by Gary Cardillo

Most people think of Valentine’s Day as that time of the year when we express our love and affection to those we hold so dear. We shower our loved ones with heartfelt cards, bouquets of roses, dark chocolates and romantic dinners. It is that special time when we give love and feel loved a little bit more.

As I’ve grown older, I have come to understand love doesn’t just come in neatly wrapped boxes or beautifully arranged flowers given to those closest to us, but comes in the form of a passion, service and love for others as well. And it isn’t something that comes around just one day of the year.

Over the years, I’ve written about many people who have embodied that “Valentine’s Day” spirit, by giving so much to their community, and this month we are featuring someone who’s giving was inspired out of a special need.

*Allen ‘Al’ Carsten serving in the 3/20th Special Forces Unit as a 92A in Afghanistan*

Allen “Al” Carsten was raised on a farm in the small town of Guilford, located in upstate New York. Like many children growing up in farming communities, Al learned at an early age how to balance his academic responsibilities with the physical chores required to maintain a family owned farm. It was during those formative years Al developed a love and appreciation for family, community and country.

In 1991 Al joined the U.S. Army, the start of a military career that spanned 21 years. As part of the 12^th Bravo Unit, Al was a Combat Engineer. This was a group that went out unprotected to clear the way for the infantry. He said, “You had to have your wits about you as at any given time you could be killed, since you were sent out in advance of the troops unprotected.” He confided, while he had never seen written documentation when they were in training for this military role, they were told during the Korean War a soldier acting in a similar capacity had a life expectancy of 12-14 seconds. Interestingly, after speaking with Al, a client of mine who is a Korean War Veteran told me, “12-14 seconds if they were lucky!” Whether this was factual or not, it was a sobering thought as to the dangers of their mission.

Al spent 4 years in Germany after deployments in 1991 in Kuwait and 1994 in Bosnia before joining the National Guard in 1997. During his years in the Guard, he had deployments to Afghanistan as well. While in Afghanistan Al served in the 3/20^th Special Forces Unit as a 92A which provided logistic air support. However, after the terrorist attacks on 9-11, his role with the National Guard was more involved back home with customs and hurricane relief.

Like many Veterans who have been impacted by the traumatic experiences in war, Al experienced Post Traumatic Stress Syndrome (PTSD) as well. Not one who believed in taking drugs to cope with the effects, he sought the advice from Steve Glover, his Pastor at Deep Creek Community Church. Pastor Steve told Al, “You help other people; you’ll see healing for yourself.” The Pastor’s words couldn’t have been more profound as shortly thereafter he met other Veterans at a Memorial Day service the church was hosting, and it was there that he decided to start a Veterans’ group with fellow combat Veterans Milton Santiago, Michael Santiago and Ron Brown. Al said, “We wanted to form a group where there was the camaraderie and comfort we needed”. He continued by saying, “Church’s always have needs, but I saw a need for Veterans.” “It was a vision in my heart that it was our turn to give” that inspired me to create, “It’s Our Turn,” a non-profit organization consisting of a board of Veterans and a support group of volunteers. “Too many times a large percentage of the donations received go to offset the overhead of the non-profit and its salaried employees. Our donations go to the Veterans, as we have very little overhead and everyone is working on a volunteer basis. Most of our overhead is associated with the Memorial Day 10K and 5K race fundraiser.”

Shortly after creating “It’s Our Turn,” Al recalled how the group of veterans would go once a month to the Renaissance Home for homeless Veterans to make pizza to help uplift their spirits. On those visits he saw the living conditions many were in and felt compelled to do more, but needed the funds to accomplish his goal.

Al participated in a “Run for God,” Life Group at Church where their theme was “From Couch to 5K.” It was there that he met a dynamic couple, Roy and Karen Borrego. Roy and Karen are perhaps the epitome of goal getters, as they will not let anything stand in their way when supporting causes passionate to them. In addition to their passion, they are gifted competitors as Karen has competed nationally on the equestrian circuit and Roy in the physically grueling “Ironman” competitions. Al recalls, “When I approached them about starting a 5K to help fund the needs of Veterans, they jumped on my request with such enthusiasm and passion I just told myself “Hold On,” as I knew this was going to be a wild ride.”

Together they created the Memorial Day Veteran’s 10K and 5K race which is now going into its 6^th year. Al said, “That first year Roy went out and got sponsors and we generated $18,000 in funds with 300 runners participating.” In just over 5 years they have received donations totaling over $250,000 and this year are expecting over 800 runners to attend. These funds have helped pay for electric bills, air conditioning units, donated cars, and matched funds to help financially support the children of a Veteran battling breast cancer. For one very deserving Veteran they even picked up the entire cost of a $50,000 Habitat for Humanity Home. They purchased a $28,000 van for Veterans needing transportation to the VA hospital and various area destinations and events. Al said, “While the big things are nice, it is the smaller things that oftentimes are more meaningful, and our goal is to serve as many veterans as possible.” He added they have worked alongside the Volunteers of America at Veteran’s Village that take in homeless veterans and give them housing and training for a period of time in order to get them back into the workplace. He credits Larry Brown with the Charlotte County Veterans Services as being a key partner in helping identify and address the needs of the Veterans throughout the county. Al proudly states, “The funds we generate stay in the county and aren’t being used to offset the high operating costs of a national organization outside our area.”

*“Its Our Turn” raised and picked up the entire cost of a $50,000 Habitat for Humanity Home for one deserving Veteran*

Perhaps one of the most meaningful contributions “It’s Our Turn” makes is to the “Honor Flight.” Each year $5,000 is contributed for 10 Veterans to take a flight to Washington, D.C. to visit many of the monuments and memorial sites. Allen tearfully said, “The older Veterans rarely got the fanfare they deserved upon returning from the war. They internalized their trauma and just went back to work. Many stepped away from illustrious careers to serve their country, such as Joe DiMaggio and Elvis Presley. While these were some of the more notable ones, there are scores of others who never received the accolades they deserved. We celebrate those Veterans with a band as they return from their Honor Flight.”

As Al looks ahead to this year’s race he said, “We need more community involvement. This isn’t just another race, this is personal. People run this race with pictures or some kind of memorabilia pinned to their outfits in memory of loved ones who have, or who are currently serving. We even had someone carrying a flag in memory of “brothers” lost in Afghanistan.”

Many people who know Gail and I have seen our involvement and support throughout the years to many great causes in our area. However, as I get older I have discovered an even more profound love for those who have given so much of themselves, so we could enjoy the freedoms we have today. While I will make sure this Valentine’s Day my wife feels the love she deserves, I am very committed to making sure those who have served, or are serving, feel that same appreciation throughout the year.

If you would like to learn more about “It’s Our Turn,” or to donate, you can go to their website www.itsourturninc.org or www.memorialdayrace.org.

Kicking Off the New Year with Leroy’s Southern Kitchen Owners

January 24, 2019 by Gary Cardillo

Most of us remember with fondness the hit television sitcom “Cheers” which depicted a neighborhood bar in Boston where friends from all walks of life shared their lives and experiences with each other. From the pretentious Psychiatrist Frazier Crane and his significant other, Lilith Stemin to mailman Cliff Clavin, every socio economic class was represented. And who can forget Carla’s sarcastic wit?

They had their regulars like Norm who always had his special seat at the bar where everyone seemed to congregate and then you had the emotional roller coaster relationship between Sam Malone and Diane Chambers. It was a microcosm of society at that time where heartbreak, dating advice, fun pranks and banter were the menu of the day. What I loved about the show was that it represented a place in time where people from diverse backgrounds could come to unwind at the end of the day in the warm embrace of friends.

Leroy’s Owners, Lee and Jamie Richardson, with their Children

While Cheers is no longer on the air, such a place does exist in downtown Punta Gorda known as Leroy’s Southern Kitchen, or to us regulars, “Leroy’s”. Like Cheers, you will find every profession from doctor and lawyer to fishing guide and cattle rancher, all enjoying each other’s company. You’ll have your regulars at the bar, and all will be the recipients of that same banter and pranks from an amazing group of bartenders and wait staff. However, unlike Cheers, Leroy’s takes it a step further with an outstanding food menu, “Class A entertainment” second to none,and a commitment to serving their community.

The brainchild of owners Lee and Jamie Richardson, aka Sam Malone and Diane Chambers, Leroy’s was created as not only a friendly neighborhood restaurant and bar, but a place where families and children were always welcomed. However, there’s more, as they see themselves as “working for our community” which you’ll soon find out.

Lee, grew up in Port Charlotte and Jamie, who was originally from Oklahoma and had moved with her family to Cape Coral, met at a restaurant in Cape Coral Lee owned with partner Shannon Yates called “Nevermind Awesome Bar and Eatery.” In true Sam Malone fashion when asked how they met, Lee said, “When Jamie first met me she fell in love”however, similar to a Diane Chambers response with a wink of the eye and sarcastic laugh, Jamie seemed to have perhaps a more realistic version that just the opposite is what really occurred.

Opened in 2015 in downtown Punta Gorda, Leroy’s Restaurant

Having come from an extensive background in the restaurant business that included 10 years with Outback, opening up the Port Charlotte location and many others, to becoming General Manager back in 2005-2007 helping open the very popular “upmarket” restaurant named “CRU” in the Bell Tower Shops in Fort Myers, Lee took those experiences to create “Nevermind Awesome Bar and Eatery” with then partner Shannon Yates. However, at the same time they also had the food and beverage contract with the Boston Red Sox at their Fort Myers spring training facility. Wanting to get back to the area he grew up, and promising Jamie a return to “country living”, the two partners decided Shannon would keep “Nevermind”, Lee would keep the contract with the Red Sox, and together Lee and Jamie would open a unique neighborhood bar and restaurant in Punta Gorda that today is called Leroy’s.

Opened in 2015 and remodeled in 2017, Lee and Jamie see it as a “family establishment“. Jamie says, “We wanted to create a place where you felt welcomed if you were just coming off your boat or looking for fine dining with no pretense.”During spring training season their lives get pretty hectic as Lee leaves at 4am to get to Jet Blue Park in Fort Myers, which is the spring training facility for the Boston Red Sox, and returns home at 2:30 in the afternoon. Then after a quick power nap he and Jamie can be seen working late nights at Leroy’s, and this is in addition to being two loving parents of two amazing children. Of course as a New York Yankees fan, I could make their lives much easier by telling them to cheer for the Yankees instead of feeding the Red Sox, but since both have become such avid Boston fans I’m not sure my suggestion would get much consideration!

Richardson’s hosting of Fried and DeSantis with the public at Leroy’s

Being of the belief that there is more to life than simply running a business and providing for one’s family, Lee and Jamie feel you have to give back to your community and those in need, and that is where Leroy’s becomes much more than Cheers. Both feel Leroy’s needs to be a place where people can come to unwind or be entertained, but also has to be a place where community leaders, state representatives and non-profits can meet in a more personalized setting with the general public who will be impacted by their decisions. Lee and Jamie recently provided such an opportunity for Agricultural Commissioner candidates Matt Caldwell and Nicole “Nikki” Fried and gubernatorial candidates Andrew Gillum and Ron DeSantis to meet the public, of which Friend and DeSantis did appear. They continued by saying, “Our society has become too polarized where people are being influenced too much by the media instead of hearing all viewpoints and having the opportunity for a constructive dialogue. Leroy’s will always be available when possible to provide an unbiased platform where people can come to get a more intimate understanding from those we elect to office, regardless of party affiliation.”

A few of the members of the PReaCH group along with some other citizens outside of the DeSoto County Administration building after stopping Mosaic from phosphate mining in DeSoto County

The Richardson’s are also staunch advocates for the protection of Florida’s natural environment and resources. They are supporters of “Captains for Clean Water” and are very involved in the “Peace River Charlotte Harbor Environmental Awareness Group” simply known as “PReaCH.”If that isn’t enough, Lee and Jamie have organized support for those impacted by both Hurricane Irma and Hurricane Michael which recently devastated the Florida’s panhandle. Patrons and friends came to support their efforts as they were personally able to deliver over 11,000 lbs. of supplies to those in need to the Panhandle alone.

For those who don’t think there is enough to do for the young citizens in our area, the Richardson’s strongly feel you are only limited by your desire to get involved. “Just look at our natural resources, our restaurants, the events continually going on around town, not to mention all the organizations we have.”

Supplies the Richardson’s helped collect and delivered to the Panhandle for Hurricane Relief

Wise beyond their years, this talented couple, with smiles as contagious and big as their hearts, have created Punta Gorda’s version of Cheers where you can be assured you’ll feel that same warm embrace the moment you step through their doors.