TAX STRATEGIES FOR VINEYARD PROPERTIES
SAVING TAXES IN VINEYARD PROPERTY SALES
For those property owners whose principal residence includes a vineyard, there may be significant tax deferral as well as tax reduction opportunities. Upon the sale of that appreciated property, the owners could qualify for the “Home Sale Tax Exclusion” under Section 121 of the Internal Revenue Code. The exclusion currently is $250,000 for a single person and $500,000 for a couple.
The value of the vineyard could be exchanged under Section 1031 of the Internal Revenue Code if certain conditions are met and rules followed. For a full discussion of these tax saving strategies and exchange opportunities, call us.
We owned a vineyard and winery in Dry Creek Valley for eighteen years and have many years of relevant tax and real estate experience. We would be happy to advise and guide you in saving and deferring taxes in the sale/exchange of your vineyard property.
Please contact us at 707-431-8898 or send a confidential e-mail to [email protected] to get your questions answered.