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SummerGlen
Golf Club Community
15480 SW 13th Circle
Ocala, FL 34473
352-245-3897
800-277-8707
Fax: 352-245-8493
Email: info@summerglen.com

Visit our sales office
open daily
9-5, Sundays noon-5.

Ocala, Florida, is the country's eighth hottest housing market for retirees, and SummerGlen is right in the middle of all the fun. Read about the delights of Central Florida living in "Where To Retire" Magazine.

The federal government has expanded the homebuyer tax credit to include both qualified new homeowners and current homeowners who purchase a home as a principal residence by April 30, 2010 and close by June 30, 2010.

If you've been thinking about a SummerGlen home, this means you could get an income tax credit of up to $8,000 if you purchase a SummerGlen "move-in-soon" home for closing before June 30, 2010.

This is a unique opportunity to maximize the savings on your new home. Visit www.FederalHousingTaxCredit.com for additional information to help you determine if you qualify these new Federal Housing Tax Credits. Then call or visit SummerGlen today to take advantage of this unique short-term opportunity.

Frequently Asked Questions About The New
Federal Housing Tax Credit

The Answers to these FAQ's is provided from information furnished by www.FederalHousingTaxCredit.com.

Who is qualified to receive the Federal Housing Tax Credit?
In general, first-time home buyers purchasing a principal residence—new or resale—are eligible for the a $8,000 tax credit. Qualified move-up or repeat home buyers purchasing a principal residence are eligible to claim a $6,500 credit.

The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date.

To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. However, the law also allows home sales occurring by June 30, 2010, to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.

Are there any income limits for claiming the tax credit?
Yes. For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return.

What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.

Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

What does it mean that the tax credit is “refundable?”
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

For answers to other Frequently Asked Questions, please visit
www.FederalHousing Tax Credit.com

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