Tax Information for Second Homes (Section 121)

The Section 121 tax incentives modification under HERA affects the $250,000 / $500,000 exclusion of gain on the sale of a principal residence. It is the only real modification to the existing traditional Section 121 and Section 163 real estate tax codes.

Beginning 1/1/2009, a second home (or rental property) that is converted to a principal residence will have to play by some new rules.

When the second home is sold, any gain attributable to use as a second home (or rental property) will be taxed at capital gains rates at that time. Any gain attributable to use as a principal residence will remain excludable, up to the $250,000 and $500,000 limits. Essentially you must now prorate the usage, whereas before you could potentially live there for 2 years and get the full exclusion... now you'd have to look back over the 5 year period and prorate the time spent as second home or investment and treat that based on capital gains, and the balance would apply toward the $250,000/$500,000 Exclusion.

If you own a second home (or rental property), PLEASE work with your tax advisor before selling and calculate your capital gains.

Villages Health & Wellness

The Villages offers it residents numerous opportunities to stay fit with its central golf course, four swimming pools, tennis courts, the Wellness and Fitness Center, bocce courts, scheduled fitness classes, and more.

Don't know what to do, then consider this list:

* Get up early and help maintain the golf course with the volunteers of the Bandini Patrol
* Play bocce at the Villages bocce court and enjoy the camaraderie of the Bocce Club
* Shoulder your camera bag and venture out on a field trip with the Villages Camera Club
* Go to one of the Villages pools and take a dip with the Dippy Dolphins
* Grab your garden tools, join the Garden Club and get your workout at the gardens
* Pull out your golf clubs and join one of six groups for either men or women
* Don your comfortable exercise suit and join the Jazzercizers for a regular, low impact workout
* Mount up and take a trail ride with the Riding Club (horse not included)
* Strap on those dancing shoes and cut a rug with the Social Dancers
* Break out your paddle and warm up with the Table Tennis Club
* Get a grip on your racquet and join the Tennis Club for a exhillarating match at the tennis courts

Do you want more suggestions....come check out the numerous groups and organizations that are offered in the community.

Murder Mystery Dinner

This fun-filled, interactive, murder mystery includes dinner as well as the performance. You will have the chance to win prizes and decide who did what to whom! "Murder by Mischance" is the mystery this year presented by Billy Eakes and the Murder Mystery Players. Synopsis: Good looks can result in several girlfriends, even more enemies and a few death threats. Phil Rossiter is a very good-looking man...with such good looks it would be easy to forgive him for his faults. Come out and get the rest of the mystery and win the prize!

Friday, October 10 in Cribari Auditorium beginning at 5:30pm with no-host cocktails followed by dinner at 6:15pm. The best part of the deal is fun and a great dinner for only $46 per person. Make your reservations at Building B.

Clubhouse Recipe for Month of September

CHICKEN SCAMPI WITH FRESH MOZZARELLA

2 Tbsp. olive oil (not extra virgin)
1-6oz. chicken breast, cut into four sections
1 Tbsp. chopped garlic
3 vine-ripened tomatoes, chopped
3 oz. white wine
Kosher salt and fresh ground pepper
2 oz. buffalo mozzarella, sliced into 1/2" slices
1 bunch fresh basil, cut chiffonade

Heat 1 Tbsp. oil in saute pan. Add chicken breast pieces and saute for 2-3 minutes. Flip and saute another 2-3 minutes or until done. Set chicken aside.

In a saute pan, heat remaining olive oil. Saute garlic lighty, and add tomatoes. Saute for 3-5 approx. minutes. Add wine and season with salt and pepper.

Place cooked chicken on serving dish. Top with tomato mixture, followed by mozzarella, then basil.



from Gavin Williams' cooking demonstration on July 17th