Navigating the Tax Landscape: Exploring 1031 Exchanges, Bonus Depreciation, and Employee Retention Credits for Financial Success |
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Avoid Capital Gains Taxes When Selling Your Investment Property: 1031 Exchange
Want to avoid capital gains taxes? 1031 Exchanges allows investors to defer taxes on property sales by reinvesting in another property. DSTs are a form of real estate ownership eligible for tax-deferred exchanges. Benefits include tax savings, passive management, income potential, and quick closing. |
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Bonus Depreciation Extended: Boost Tax Savings The Tax Cuts and Jobs Act has extended bonus depreciation until 2026. This provision enables businesses to deduct a portion of an asset's cost in the first year of purchase. Currently, the bonus depreciation rate is 80%, gradually decreasing annually. It applies to various properties, including homes, businesses, and vineyards. Utilizing bonus depreciation can significantly expedite the depreciation deduction, though it is an optional choice. Furthermore, for assets placed in service after September 27, 2017, until January 1, 2023, the first-year bonus depreciation has been increased to 100%, gradually reducing thereafter. |
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Employee Retention Credit: Retain Employees and Earn Credits
The Employee Retention Credit (ERC), introduced under the CARES Act in 2020, is a refundable payroll tax credit aimed at encouraging businesses to retain employees during the pandemic. Recent changes have expanded eligibility, allowing most employers to benefit from both the ERC and PPP. Each employee can generate a credit of up to $26,000, with no usage restrictions. ERC Specialists are available to assist employers in navigating the complex regulations and maximizing their credits. Act swiftly as the filing window is closing soon, and the ERC has already led to $152 billion in refunds.
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Extended Tax Deadlines and Relief for Affected Taxpayers
Taxpayers impacted by winter storms now have until October 16, 2023, to file their federal tax returns and make payments. Additionally, farmers who typically file by March 1 can now file their 2022 returns and pay any owed taxes by October 16, 2023.
As always, be sure to consult with your trusted financial advisor/CPA before making any decisions. Kenny Harris is a professional we can highly recommend. You're invited to connect at (818) 307-0085 or via email at kaharris@firstam.com. |
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Jenny Heinzen Real Estate Makes RealTends America’s Best Rankings Coming in at #514, Jenny and her team successfully secured $46,695,000 in sales volume and 11 sales, averaging over $4M per sale in 2022. |
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Three distinct, confidential 'institutional investment grade' vineyards for sale. Asking prices ranging from $8,000,000 to $40,000,000. Located in Santa Barbara AVA, Paso Robles AVA and Monterey AVA. Details available for qualified buyers who are approved by sellers and sign an NDA. Asking $8,000,000, $20,000,000 range and $40,000,000 range. |
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A high-capacity ultra-premium winemaking facility equipped for crush, fermentation, storage, and barrel aging 250,000 cases annually with potential up to 500,000 cases annually. Close to Highway 101, in the heart of Central Coast wine country. Home to a vineyard primarily planted with Cabernet Sauvignon and onsite tasting room. Facility has proven crush capacity for 5,000 tons annually. Asking $14,500,000 |
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The ultimate wine country location, this 91+ acre vineyard estate neighbors Niner Winery off Hwy 46 West and includes 80.75 net vineyard acres with average yields of 5-6 tons per acre. Grapes sell for $2,500-$3,300/ton. Beyond a winery and tasting room, the Paso Robles property features a stunning Mediterranean home and spacious guest residence. Plus, reduced property taxes as part of the Williamson Act.An ideal investment for buyers seeking to establish a wine brand, the property includes a desirable 1,500 sq. ft. Tasting Room building with 780 sq. ft. crush pad and inviting 680 sq. ft. patio, along with 5 wells. Asking $12,995,000 |
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Recommended Business
Introducing The Wallace Group, a trusted industry leader known for exceptional services and unwavering commitment to excellence. With expertise in various disciplines like engineering, construction management, and landscape architecture, they deliver tailored solutions that prioritize client needs. Their genuine passion for their work and dedication to community well-being set them apart. From sustainable infrastructure to efficient surveying and GIS solutions, The Wallace Group consistently delivers exceptional results.
We wholeheartedly endorse The Wallace Group for their expertise, professionalism, and dedication to delivering excellence. Their contributions continue to make a significant impact in the industry and the communities they serve. To learn more about their services or discuss your project needs, we encourage you to reach out to The Wallace Group today. |
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This newsletter contains information about wine real estate on the Central Coast of California. If you choose to unsubscribe, you’ll stop receiving these newsletters. If your property is currently listed with a Broker, it is not the intention to solicit the offerings of other Brokers. NO WARRANTY The information contained in this newsletter is provided by Jenny Heinzen Real Estate as a service to clients and the wine industry. It does not contain legal or financial advice and should not be treated as such. Although we try to provide quality information, we do not guarantee results obtained from the use of this information, and without any kind of warranty, express or implied, including, but not limited to warranties of performance for a particular purpose. We do not represent, warrant, undertake or guarantee that the information in the newsletter is correct, accurate, complete or non-misleading. NO LIABILITY In no way is Jenny Heinzen Real Estate liable to a reader or any other party for any damages, costs of any character including but not limited to direct or indirect, consequential, incidental or other costs or damages, via the use of the information contained in the newsletters. If a section of this disclaimer is determined by any court or other competent authority to be unlawful and/or unenforceable, the other sections of this disclaimer continue in effect. Copyright © 2023, All rights reserved. |
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