“Wine is sunlight, held together by water.” —Galileo
“I cook with wine and sometimes I even add it to the food.” —W.C. Fields
People have enjoyed vineyards and wine for thousands of years. With demand increasing, prospective vintners are buying up vacant land and planting grapes. When sold, many of these vineyards are suitable properties for a tax deferred 1031 exchange. The sale of a vineyard or winery may include several different types of property that qualify for tax deferral in a 1031 exchange, including:
1. The land associated with the vineyard itself;
2. The facilities and outbuildings that are a part of the wine making operations, including the caretaker’s
house, wine tasting facility or other property used in the wine operations;3. Water rights (if treated as a real property interest under local law); and
4. Equipment and other personal property used in the production of wine.
For the full article on 1031 Exchanges of Vineyards, read more…
1031 Basics: The Delayed Exchange
 |
This one-page checklist addresses what important things should be done before closing on the sale of a relinquished property, the 45 day identification deadline, and the 180 day exchange period deadline, in a logical and easy to understand step-by-step format. For the complete Delayed Exchange Checklist, download now… |
IRS and Treasury Department Publish Temporary Regulations
on Treatment of Tangible Property
The Internal Revenue Service and Treasury Department published temporary regulations that provide guidance to taxpayers on the treatment of amounts paid to acquire, produce or improve tangible property and regarding the accounting for, and dispositions of, property subject to depreciation. Read more…
Want To Be a Landlord? There’s an App For That
Tiny Tower is an iPhone game. Judging from the loyal following the game is attracting, it’s fun to be a landlord! Tiny Tower puts you in charge of a mixed residential and commercial tower. You can build and furnish additional floors to attract “bitizens” (residents) and then manage their daily affairs. It’s that interaction with the residents and their needs that makes the game so popular. Read more…
National Taxpayer Advocate Delivers Annual Report to Congress;
Focuses on IRS Funding and Taxpayer Rights
A National Taxpayer Advocate, Nina E. Olson, recently released her annual report to Congress, and she identified the combination of the IRS’s expanding workload and declining resources as the most serious problems facing taxpayers. The result, the report says, is inadequate taxpayer service, erosion of taxpayer rights, and reduced tax compliance. The annual report noted a concern that the IRS’s expanding use of automated processes to adjust tax liabilities is causing harm to taxpayers and recommended that Congress enact a comprehensive Taxpayer Bill of Rights. Read more…